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EUR/USD Classical 03.16

EUR/USD Classical 03.16

2011-03-16 06:39:00
Joel Kruger, Technical Strategist
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EURUSD_Classical_body_eur.png, EUR/USD Classical 03.16

EUR/USD:The latest topside failure above 1.4000 and ahead of 1.4035 is significant and inability to establish back above the psychological barrier opens the door for a potential bearish trend reversal in favor of the USD. Tuesday’s intense recovery rally certainly threatens this outlook, but a bearish close on Wednesday will once again shift the momentum back in the USDs favor and open the door for deeper setbacks and a potential double top on the daily chart. However, a break and close back above 1.4000 will negate and open the door for a fresh upside extension towards critical resistance by 1.4280 from November 2010.

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

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