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EUR/USD Classical Technical Report 08.31

EUR/USD Classical Technical Report 08.31

2011-08-31 06:02:00
Joel Kruger, Technical Strategist
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EURUSD_Classical_body_eur.png, EUR/USD Classical Technical Report 08.31

EUR/USD: Although the market had recently broken higher to end a sequence of inter-day lower tops off, the overall structure remains bearish at this point, with the market still trying to put in a more medium-term lower top below the 1.4700 highs from May. Tuesday’s bearish reversal formation confirms outlook and from here, look for fresh downside back towards and eventually below 1.4250 over the coming sessions. Ultimately, only back above 1.4550 delays outlook, while only above 1.4700 negates.

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

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