Forex Analysis: EURUSD Classic Technical Report 11.16.2012

Ilya Spivak

Prices took out support at 1.2830, the 23.6% Fibonacci expansion level, after completing a bearish Three Inside Down candlestick pattern below falling trend line resistance set from May 2011. The pair is now staging a shallow bounce after testing the 1.27 figure, with initial falling trend line resistance lining up at 1.2794. This is reinforced at 1.2830, now recast as resistance, with a break above that exposing 1.3041. Alternatively, a drop below 1.27 targets the 38.2% Fib at 1.2619. We continue to hold short.

Forex_Analysis_EURUSD_Classic_Technical_Report_11.16.2012_body_Picture_5.png, Forex Analysis: EURUSD Classic Technical Report 11.16.2012
Forex_Analysis_EURUSD_Classic_Technical_Report_11.16.2012_body_Picture_5.png, Forex Analysis: EURUSD Classic Technical Report 11.16.2012

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, 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.