Forex4you Technical Analysis 19 October 2012

EUR/USD: Technical Analysis

A fulcrum reversal pattern at the highs on the daily chart as well as a 2-bar reversal warns of weakness. Shorter term, however, there may be a bounce to trend-line resistance at around 1.3085, but after that the descent will probably resume, finding support at 1.3025, whilst a move below 1.2975 would give bearish confirmation and see a possible run down to 1.2850. A break above 1.3110 would help confirm a bullish continuation, targeting perhaps the recent 1.3170 highs.

Analysis by: Joaquin Monfort
Forex4you analyst

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