EURGBP Classic Technical Report 10.15.2012

DailyFX

Prices put in a Bearish Engulfing candlestick pattern below resistance at 0.8095, hinting at a possible double top. Initial support lines up at 0.8028, the 23.6% Fibonacci retracement, with a break below that exposing the 38.2% level at 0.7975. Alternatively, a reversal above resistance targets 0.8141.

View photo

.
EURGBP_Classic_Technical_Report_10.15.2012_body_Picture_5.png, EURGBP Classic Technical Report 10.15.2012

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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.

View Comments (0)