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

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed