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EUR/USD Classical Technical Report 05.16

EUR/USD Classical Technical Report 05.16

2011-05-16 05:41:00
Joel Kruger, Technical Strategist
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EURUSD_Classical_body_eur.png, EUR/USD Classical Technical Report 05.16

EUR/USD: The break and weekly close below key medium-term support at 1.4155 in the previous week now suggests that deeper setbacks are ahead with the market contemplating a potential drop below 1.4000. Next key support comes in by 1.4020 (28Mar low), while rallies towards 1.4400-1.4500 should be aggressively sold into. Only a daily close back above 1.4500 would negate. In the interim, we remain on the sidelines and await a clearer entry signal.

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

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