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EUR/USD Classical 02.08

EUR/USD Classical 02.08

2011-02-08 06:35:00
Joel Kruger, Technical Strategist
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EURUSD_Classical_body_eur.png, EUR/USD Classical 02.08

EUR/USD:Right now it is all about the weekly chart with the market putting in a bearish doji weekly close two weeks back and now putting in a bearish gravestone-like close this past week. This helps to increase potential for a major reversal with a medium-term lower top now sought out by 1.3860 ahead of the next major downside extension. For now, look for a daily close below 1.3540 to accelerate declines, while any rallies into the 1.3750 area should be well capped. Only back above 1.3860 delays and gives reason for pause. Intraday rallies are expected to be well capped ahead of 1.3800.

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

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