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EUR/USD Classical Technical Report 05.19

EUR/USD Classical Technical Report 05.19

2011-05-19 05:19:00
Joel Kruger, Technical Strategist
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eur_tech_body_eur.png, EUR/USD Classical Technical Report 05.19

EUR/USD: The corrective rally out from 1.4050 continues with the market breaking back above 1.4300 thus far. However, any additional gains from here should limited to the 1.4400-1.4500 area, and we would be looking for the formation of a fresh lower top in favor of the next major downside back below 1.4050. Ultimately, only a daily close back above 1.4500 would delay.

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

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