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EUR/USD Classical 02.24

EUR/USD Classical 02.24

2011-02-24 06:52:00
Joel Kruger, Technical Strategist
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EURUSD_Classical_body_eur.png, EUR/USD Classical 02.24

EUR/USD:The latest sharp upside reversal certainly threatens short-term bearish prospects, with the market now looking to establish back above 1.3745 (previous right shoulder). Next key resistance comes in by 1.3860 and a break and close above this level will completely negate bearish outlook and open the door for a more significant rally over the coming sessions towards 1.4000. However, inability to establish above 1.3745, will once again put the focus back on the downside and expose a retest of 1.3425 further down. In the interim, we remain sidelined and will wait for a clearer signal.

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

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