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EUR/USD Classical 07.29

EUR/USD Classical 07.29

2010-07-29 06:34:00
Joel Kruger, Technical Strategist
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EURUSD7.29_body_eur2.png, EUR/USD Classical 07.29

EUR/USD: The push to some fresh multi-day highs on Tuesday by 1.3045 was not impressive, with the market reversing and closing back by opening levels to set up a doji formation, that has now been followed up by yet another doji formation on Wednesday. This translates into indecision and could warn of a bearish reversal. Look for a close back below 1.2875 to confirm bearish outlook and accelerate. Any sustained gains beyond 1.3045 would negate and keep the pressure on the topside.

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

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