Forex4you Technical Analysis 10 October 2012

EUR/USD: Technical Analysis

The EUR/USD pair has reached support from the channel-line of the July rally and the monthly pivot. It will probably make a bounce from here. Bullish confirmation could come from a move above 1.2885. It will probably reach the cluster of moving averages at 1.2940 first and then eventually round-number resistance at 1.3000. A break below Tuesday's lows at 1.2833 might initiate a continuation down, although another major trend-line at 1.2785 gets in the way of deeper penetration.

Analysis by: Joaquin Monfort
Forex4you analyst

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