FX.co ★ EUR/USD Technical Correction - For October 17, 2012 (Daily Strategy)

The euro is very optimistic because German Chancellor Angela Merkel gave a pro-euro speech, saying that progress has been made against the debt crisis, but it will take years of "systematic work" to resolve the crisis. It was well received and many took bullish positions.
As we mentioned in the previous articles, on Friday and yesterday the euro was within a technical pattern. Yesterday it rose quickly. Now it is trading at the level of 1.3130. It is likely to be a decline in the euro for the next few hours, because it is in front of the weekly resistance level of 1.3134 (W_R2).
If it overcomes this level it may extend to 1.3250 fractal. Therefore, we do not recommend buying. The best is to take bullish positions on the reverse of the pair towards 1.3010 fractal.

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