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EUR/USD Classical 03.11

EUR/USD Classical 03.11

2011-03-11 07:11:00
Joel Kruger, Technical Strategist
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EURUSD_CLasiscla_body_eur.png, 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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