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Forex Analysis: EUR/USD Classic Technical Report 12.10.2012

Forex Analysis: EUR/USD Classic Technical Report 12.10.2012

Ilya Spivak, Head Strategist, APAC

Prices moved lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern. Sellers are now testing the 23.6% Fibonacci retracement at 1.2904, with a confirmed break on a daily close below this level targeting the 38.2% Fib at 1.2739. Near-term resistance is at 1.3042, the underside of a recently broken rising trend line set from the November 13 low. A push above that targets the top of a channel carved out since mid-September (1.3093).

Forex_Analysis_EURUSD_Classic_Technical_Report_12.10.2012_body_Picture_1.png, Forex Analysis: EUR/USD Classic Technical Report 12.10.2012

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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