EUR/USD Technical Analysis - Oct. 17, 2012

EUR/USD: the model remains bullish according to the RSI reversal signal we saw Oct. 1. Should the market move higher, then we see strong resistance at 1.3170 and even stronger resistance at the cluster zone of 1.3283 to 1.3385. The market looks strong while above the key support at 1.2800. A close above 1.3030 can test 1.3090 then 1.3115. Alternatively, a move below 1.2990, which is near term support, can test 1.2800. A break below 1.2880 can change the construct.

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