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Forex Analysis: EUR/USD Classic Technical Report 11.29.2012

Forex Analysis: EUR/USD Classic Technical Report 11.29.2012

Ilya Spivak, Head Strategist, APAC

Prices broke above the 23.6% Fibonacci expansion level at 1.2830 to challenge long-term trend line resistance set from May 2011 (now at 1.2994). A break above that would mark a major trend reversal, initially exposing 1.3129. The 1.2830 mark has been recast as near-term support, with a drop below that exposing the 1.27 figure and the 38.2% Fib at 1.2620. We continue to hold short.

Forex_Analysis_EURUSD_Classic_Technical_Report_11.29.2012_body_Picture_1.png, Forex Analysis: EUR/USD Classic Technical Report 11.29.2012

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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