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EUR/USD Classical 03.08

EUR/USD Classical 03.08

2011-03-08 07:08:00
Joel Kruger, Technical Strategist
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EURUSD_Classical_body_eur.png, EUR/USD Classical 03.08

EUR/USD:The market has since stalled out after breaking above 1.4000 and the latest topside failure should not be taken lightly, with the market stalling around some key resistance at the 78.6% fib retrace off of the major November-January high-low move and by the psychological round number barrier. For now, we will use 1.4000 as our gauge for directional bias. A daily close above 1.4000 will open the door for a direct retest of 1.4280, while inability to establish above the figure on a daily close basis will open the door for a meaningful bearish reversal. A break and close back below 1.3940 on Tuesday helps to confirm short-term bearish reversal prospects.

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

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