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EUR/USD Classical 02.14

EUR/USD Classical 02.14

2011-02-14 07:04:00
Joel Kruger, Technical Strategist
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EURUSD_Classical_body_eur.png, EUR/USD Classical 02.14

EUR/USD:The latest rallies have stalled out well ahead of 1.3860 with the market finding some resistance by an ideal right shoulder top in the mid-1.3700’s ahead of the latest sharp setbacks. From here, the risks are tilted to the downside, with Friday’s break and close back below 1.3570 triggering the H&S topping formation and opening the door for a fresh downside extension towards the 1.3200 area over the coming days. Any rallies should continue to be well capped ahead of 1.3700 with only a break back above the figure to give reason for concern.

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

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