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EUR/USD Classical Technical Report 08.18

EUR/USD Classical Technical Report 08.18

2011-08-18 05:06:00
Joel Kruger, Technical Strategist
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EURUSD_Classical_body_eur.png, EUR/USD Classical Technical Report 08.18

EUR/USD: The market continues to adhere to a bearish sequence of lower tops since May, with a fresh lower top now in place by 1.4535 ahead of the next downside extension back towards and eventually below 1.4000. In the interim, look for any intraday rallies to be well capped by 1.4500, while only a daily close back above 1.4535 negates. Short-term support now comes in by 1.4325 and a break back below should accelerate declines.

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

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