Singapore Markets closed

Forex Analysis: EUR/USD Classic Technical Report 12.06.2012

Ilya Spivak

Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance at the top of a falling channel set from mid-September (1.3093), hinting a move lower is ahead. Initial support lines up at the 23.6% Fibonacci expansion (1.3012), a level reinforced by a rising trend line established from the November 13 low (now squarely at 1.30). A break below that exposes the 38.2% Fib at 1.2942. Alternatively, a break above the channel top targets the October 17 high at 1.3138, followed by the 123.6% extension at 1.3252.

Forex_Analysis_EURUSD_Classic_Technical_Report_12.06.2012_body_Picture_1.png, Forex Analysis: EUR/USD Classic Technical Report 12.06.2012

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.