EUR/USD Classical Technical Report 09.02
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 and subsequent bearish price action confirms outlook and from here, look for fresh downside acceleration on a daily close below 1.4250. In the interim, expect intraday rallies to be well capped ahead of 1.4400, while ultimately, only back above 1.4550 delays outlook.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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