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EUR/USD Classical 02.22

EUR/USD Classical 02.22

2011-02-22 07:21:00
Joel Kruger, Technical Strategist
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EURUSD_Classical_body_eur.png, EUR/USD Classical 02.22

EUR/USD:The market looks to be in the process of seeking out a fresh lower top below 1.3745 at 1.3715 ahead of the next downside extension towards the measured move objective off of a head & shoulders top formation which comes in by the 1.3300 area. Look for confirmation of the fresh lower top on a break back below 1.3425 over the coming sessions. Only a break and close back above 1.3745 negates short-term bearish outlook and gives reason for pause.

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

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