Singapore Markets closed

Forex Analysis: EUR/USD Classic Technical Report 12.10.2012

Ilya Spivak

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

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.