Forex Flash: EUR/USD stays heavy amidst cluster of correction – RBS

By FXstreet.com | November 06, 2012 AAA

FXstreet.com (Barcelona) - The EURUSD continues to stay heavy and approach the cluster of resistance between 1.2742 and 1.2756. According to Technical Markets Strategist William Moore at RBS, "This should be an important level as it represents a cluster of previous highs and the 61.8% Fibonacci retracement from the July - September range."



As such, "We think that this level has really underpinned these higher levels of price action since the break on the 7 of September. The impending election lends a bias that ranges won't be broken so we'd look to square shorts here and re assess - clean breaks through open the target as set out below at 1.2610." Moore notes.



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