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EUR/USD Classical Technical Report 05.30

EUR/USD Classical Technical Report 05.30

2011-05-30 05:15:00
Joel Kruger, Technical Strategist
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EURUSD_CLassical_body_eur.png, EUR/USD Classical Technical Report 05.30

EUR/USD: In the process of a corrective bounce following a 10 big figure drop in May with the market rallying from below 1.4000 and in search of a fresh lower top ahead of the next major downside extension below 1.3970. From here, look for any rallies to be well capped in the 1.4300-1.4400 area, with only a break back above 1.4500 negating negative outlook and giving reason for concern. Back below 1.4125 confirms and should accelerate declines.

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

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