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EUR/USD Classical Technical Report 09.06

EUR/USD Classical Technical Report 09.06

2011-09-06 06:22:00
Joel Kruger, Technical Strategist
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EURUSD_Classical_body_eur.png, EUR/USD Classical Technical Report 09.06

EUR/USD: The market still remains confined to a broader consolidation since April, with rallies well capped above 1.4500 and pullbacks finding decent support below 1.4000. However, the contraction in volatility over the past several months warns of a near-term breakout and given the more bearish structure on the monthly chart which suggests the formation of a longer-term lower top by 1.5000, we project the breakout to be to the downside. In the interim, look for setbacks to extend back towards and below 1.4000 over the coming sessions, with any intraday rallies expected to be well capped ahead of 1.4300. Next key support by the 1.4000 psychological barrier is significant as it also represents the 200-Day SMA. The market has not closed below the 200-Day SMA since January 2011.

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

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