EURUSD Classic Technical Report 09.26.2012

By Ilya Spivak | DailyFX – Wed 26 Sep, 2012 3:35 AM IST

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EURUSD=X1.29060.00

Prices pulled back from resistance at a falling trend line set from May 2011 to test support at 1.2902, the 23.6% Fibonacci retracement. This barrier is reinforced by former resistance at the upper boundary of a rising channel set from the late-July swing bottom. A break downward initially targets the 38.2% retracement at 1.2737. Trend line resistance is now at 1.3142.

EURUSD_Classic_Technical_Report_09.26.2012_body_Picture_5.png, EURUSD Classic Technical Report 09.26.2012

Daily Chart - Created Using FXCM Marketscope 2.0

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

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