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EUR/USD Classical 02.28

EUR/USD Classical 02.28

2011-02-28 06:47:00
Joel Kruger, Technical Strategist
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EURUSD_Classical_body_eur.png, EUR/USD Classical 02.28

EUR/USD:The market remains very well bid, with key short-term resistance by 1.3745-65 being easily cleared to now put the focus on next topside barriers at 1.3860. The 1.3860 level represents the current yearly high, and a break above will then open the door for a fresh upside extension towards psychological barriers by 1.4000 which also guard against the more significant medium-term resistance at 1.4285 from November 2010. There is still however the risk that the market stalls out in the 1.3800’s, but a failure at or near 1.3860, and break back below 1.3700 would be required at a minimum to relieve current topside pressures.

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

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