11th Oct - EUR/USD Rally Pauses at 38.2% Resistance
11 October 2012
WEEKLY CHART:
The 1.3147 38.2% retracement has provided clear resistance so far. It looks pivotal in determining whether or not the upmove can extend over the medium term.
DAILY CHART:
After the 17-Sep high the pullback has been modest so far. Initial support has come from the old channel top, ahead of the 1.2747 18-Jun high..
At this stage the earlier breach of this channel top implies previous downward momentum has slackened, but that 38.2% resistance on the Weekly chart needs to be violated to reinforce this.
Meanwhile lower support comes from the falling return line at 1.2430 currently.
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11th Oct - Brent Crude Holding Above 38.2% Support For Now