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EUR/USD Classical 03.09

EUR/USD Classical 03.09

2010-03-09 07:44:00
Joel Kruger, Technical Strategist
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EUR/USD: Setbacks have stalled for now ahead of  1.3400 (61.8% fib retrace of the 2008-2009 low-highs), and although the overall structure remains bearish, the market looks as though it may be attempting to carve out a short-term base.  However, it is still too difficult to call and the market could just as easily be in the process of a bearish consolidation ahead of the next major downside extension below 1.3440. A break back below 1.3440 will expose a test by next psychological barriers at 1.3000, while a close back above 1.3700 delays and opens the door for some additional short-term corrective upside.

 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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