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EUR/USD Classical 02.16

EUR/USD Classical 02.16

2011-02-16 07:30:00
Joel Kruger, Technical Strategist
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EURUSD_Classical_body_eur.png, EUR/USD Classical 02.16

EUR/USD:Rallies have by 1.3860 with the market finding some resistance by an ideal right shoulder top in the mid-1.3700’s ahead of the latest setbacks. From here, the risks are still tilted to the downside, with an H&S topping formation 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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