EUR/USD Bouncing Off 76.4% Support
20 January 2012
WEEKLY CHART:
The drop back from rising return line resistance has now tested close to the 1.2600 76.4% level. In the FX Specialist Guide we were on the lookout for temporary support here, and this has been seen.
DAILY CHART:
On the Daily chart we have been looking at potential support from a bear channel base projection - and this has proved effective.
The initial target for the (so far) modest recovery is the 23.6% retracement just above 1.3000. Beyond here the next barriers are offered by the 1.3144 Oct low ahead of the 1.3144 38.2% 38.2% level. These latter could be a struggle to get through shorter term.
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