EUR/USD Classical 03.09
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 price 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. Tuesday’s bearish close helps to reaffirm topping prospects and from here, deeper setbacks are seen towards 1.3700 over the coming sessions. Any intraday rallies should be well capped below 1.4000.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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