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EUR/USD Classical Technical Report 05.06

EUR/USD Classical Technical Report 05.06

2011-05-06 07:06:00
Joel Kruger, Technical Strategist
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EURUSD_CLasiscal_body_eur.png, EUR/USD Classical Technical Report 05.06

EUR/USD: The market has finally succumbed to some heavily overbought readings, with the price dropping significantly over the past several hours to trade back below the 20-Day SMA. The daily close below the moving average could be significant and warn of deeper setbacks to come, however, while the market holds above 1.4155, the overall structure remains bullish. Next support comes in by the 1.4450 area in the form of the 61.8% fib retrace off of the 18Apr-4May move, with 1.4325 the next level below guarding against the critical support at 1.4155. Above, look for intraday rallies to be well capped in the 1.4700-1.4750 area by the 10-Day SMA and previous support now turned resistance. It is worth noting, that a break below 1.4490 on Friday would set up the fist bearish outside week since the start of the year.

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

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