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Forex Analysis: EURUSD Classic Technical Report 11.07.2012

By , Currency Strategist
07 November 2012 11:13 GMT

Prices have now taken out support at 1.2826, the 23.6% Fibonacci expansion level, after completing a bearish Three Inside Down candlestick pattern below falling trend line resistance set from May 2011. Sellers now aim to challenge the 38.2% Fib at 1.2619. The 1.2826 level has been recast as resistance, with a push back above that exposing trend line support-turned-resistance at 1.2913.

Forex_Analysis_EURUSD_Classic_Technical_Report_11.07.2012_body_Picture_5.png, Forex Analysis: EURUSD Classic Technical Report 11.07.2012

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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07 November 2012 11:13 GMT