EURGBP Classic Technical Report 10.22.2012


Prices followed a break of minor resistance at 0.8095 with a push through the 50% Fibonacci retracement at 0.8128, exposing the 61.8% level at 0.8217. An advance above that opens the door for a challenge of the 0.83 figure and the 76.4% Fib at 0.8327. The 0.8095-0.8128 area has been recast as near-term support, with a drop back below that exposing the 38.2% retracement at 0.8039 and a rising trend line set from the late-July swing bottom (0.8017).

View photo

EURGBP_Classic_Technical_Report_10.22.2012_body_Picture_5.png, EURGBP Classic Technical Report 10.22.2012

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.

View Comments (0)