EUR/USD Classical 02.21
EUR/USD:The market looks to be in the process of seeking out a fresh lower top below 1.3745 ahead of the next downside extension towards the measured move objective off of a head & shoulders top formation which comes in by 1.3300. Look for confirmation of a fresh lower top on a break back below 1.3425. As such, we like the idea of fading the most recent rally above 1.3700, with only a break and close back above 1.3745 negating short-term outlook and giving reason for pause.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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