Forex4you Technical Analysis 12 October 2012

EUR/USD: Technical Analysis

Eurodollar bounced yesterday and has rallied further today. It has now reached an old resistance line from where it will probably fall back down, reaching perhaps the 1.2920 lows. A breach of them could open the way to a sell-off back down to the monthly pivot at 1.2840. Alternatively a decisive break higher could see a move up to 1.3000 although those key highs would have to be breached for a renewal of the bullish outlook.

Analysis by: Joaquin Monfort
Forex4you analyst

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