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Forex Analysis: EUR/USD Classic Technical Report 12.18.2012

Forex Analysis: EUR/USD Classic Technical Report 12.18.2012

2012-12-18 04:34:00
Ilya Spivak, Head Strategist, APAC
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Prices broke above resistance at the top of a falling channel set from mid-September, a barrier reinforced by the 38.2% Fibonacci expansion at 1.3090. The pair is now testing the September 14 high at 1.3168, with a break above that aiming for the 50% level at 1.3222. A Spinning Top candlestick coupled with negative RSI divergence of a pullback ahead however. The 1.3090 has been recast as support, with a push below that exposing the 23.6% Fib at 1.2924.

Forex_Analysis_EURUSD_Classic_Technical_Report_12.18.2012_body_Picture_1.png, Forex Analysis: EUR/USD Classic Technical Report 12.18.2012

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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