Forex Analysis: EUR/USD Classic Technical Report 11.19.2012
Prices took out support at 1.2830, the 23.6% Fibonacci expansion level, after completing a bearish Three Inside Down candlestick pattern below falling trend line resistance set from May 2011. The pair staged a shallow bounce from the 1.27 figure to retest falling trend line resistance at 1.2778. A break above that exposes the 23.6% Fib anew. Alternatively, a drop below 1.27 targets the 38.2% level at 1.2619. We continue to hold short.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.