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EUR/USD Classical Technical Report 05.12

EUR/USD Classical Technical Report 05.12

2011-05-12 05:51:00
Joel Kruger, Technical Strategist
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EURUSD_Classical_body_eur.png, EUR/USD Classical Technical Report 05.12

EUR/USD: Setbacks have stalled for now ahead of critical support in the form of the higher low by 1.4155 from 18Apr. At this point, it is difficult to determine whether the market will look to consolidate the latest intense declines ahead of 1.4155 and possibly bounce a bit back towards the 1.4500 area, or will continue to decline and accelerate below 1.4155 to officially signal a shift in the medium-term structure in favor of the USD. Either way, the strategy from here should be to look to sell, with any rallies now seen well capped in the 1.4500 area. In the interim, we remain sidelined and await a clearer signal.

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

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