Technical analysis EUR/USD 23 October 2012


Price remained in a narrow side corridor 1.3060/70 – 1.3020/10 test  and now is testing the support’s of the formation strength. The pair is trading around the 1.3020/25 level. The Indicators show intensification of the “bears’” preferences It threatens to breakdown of  tested now barriers and  fall the 1.2980 level,   which is the key on the way down. However, until these barriers are not overcome, the resumption of growth toward the above-mentioned goals 1.3260/40 – long-term downtrend line (blue line) can be considered as a priority scenario. If the breakdown 1.2980 does happen, it will raise to the agenda implementation assumptions providing further reduction, to the 1.2800 level.

EUR/USD - 23/10/12


About Author

Hello, my name is Arkady Nagiev and I’ve been working for Forex4you company since 2008. I received an economic education and worked in various sectors of former Soviet Union. After the dissolution of the USSR, I decided to engage in the banking sector. In 1994 I took "Banking" course in the Moscow International Financial and Banking School. After that, I worked in the banks of Turkmenistan and Ukraine. While working at the bank, I became interested in the foreign exchange market, which required additional knowledge and pushed me to study strategies and techniques for the analysis of foreign exchange instruments. At first, I thought that technical analysis would be enough, but I soon realized that I was wrong, and began to study fundamental analysis. I sincerely hope that my Forex reviews and financial analyses help our clients to gain a better understanding of the forex market. Good luck with your trading everyone!