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Forex Analysis: EURUSD Classic Technical Report 10.31.2012

Forex Analysis: EURUSD Classic Technical Report 10.31.2012

2012-10-31 06:54:00
Ilya Spivak, Head Strategist, APAC

Prices completed a bearish Three Inside Down candlestick pattern below falling trend line resistance set from May 2011 and broke through upward-sloping support set from the June swing bottom, hinting a significant reversal is at hand. Initial rising trend line support is at 1.2892, followed by the 23.6% Fibonacci expansion level (1.2826). A reversal back above the trend line (now at 1.3018) exposes a long-term downward-sloping barrier at 1.3089. We have now entered short.

Forex_Analysis_EURUSD_Classic_Technical_Report_10.31.2012_body_Picture_5.png, Forex Analysis: EURUSD Classic Technical Report 10.31.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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