Weekly Chart  Analysis: EUR/USD Large Channel Setup

• EUR/USD continues to trade within a large channel.
• Failure analysis points to a possible break above the channels upper boundary and a move toward 1.2386, a 23.6 Fib.
• High probability setup points to a move toward the 1.15941, a 38.2 Fib .

Key Levels - Current Price: 1.2008

Level     Type           Significance
1.2386    Resistance   23.6 Fib of the .8237-1.3667 EUR rally
1.2250    Resistance   Channel's upper boundary 
1.1860    Support        2005 Low
1.1594    Support        38.2 Fib of the .8237-1.3667 EUR rally

Weekly Chart 10-21-05

Daily Chart I 10-21-05

Daily Chart II 10-21-05

Daily Chart III 10-21-05

4-Hour Chart 10-21-05

Sam Shenker is a Technical Currency Analyst for FXCM.