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EUR/USD Classical 03.17

EUR/USD Classical 03.17

2011-03-17 06:21:00
Joel Kruger, Technical Strategist
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EURUSD_Classical_body_eur.png, EUR/USD Classical 03.17

EUR/USD:The market remains very well bid on dips to delay and even potentially negate any hopes for a double top formation on the daily chart. The latest break back above 1.4000 has threatened bearish reversal prospects and now opens the door for a fresh upside extension towards next critical resistance by 1.4280 further up. A daily close above 1.4000 will all but solidify the bullish momentum, while another topside failure above 1.4000 will once again warn of deeper setbacks. For now, the best strategy is to take to the sidelines until a clearer directional bias presents.

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

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