EUR/USD Classical 03.11
EUR/USD:Thursday’s daily close below the 10-Day SMA increases the bearish pressure and further secures some form of a top by 1.4035. From here, we see risks for additional declines towards the 1.3650-1.3730 area, with a break below to open a deeper drop and retest of medium-term support at 1.3425. Any intraday rallies should now be well capped ahead of 1.3925, with only a break back above giving reason for concern.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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