EURGBP Classic Technical Report 10.17.2012

DailyFX

Prices took out minor resistance at 0.8095 to challenge the 50% Fibonacci retracement at 0.8128. A break above this barrier targets the 61.8% Fib at 0.8217. The 0.8095 level 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.

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EURGBP_Classic_Technical_Report_10.17.2012_body_Picture_5.png, EURGBP Classic Technical Report 10.17.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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