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EUR/USD Classical Technical Report 09.16

EUR/USD Classical Technical Report 09.16

2011-09-16 05:23:00
Joel Kruger, Technical Strategist
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EURUSD_CLassical_body_eur.png, EUR/USD Classical Technical Report 09.16

EUR/USD: The sharp pullback below the July lows and establishment below the 200-Day SMA solidifies the prospects for the carving of a major lower top on the monthly chart which now ultimately projects additional declines down towards the 1.2000 area over the coming weeks and months. However, with technical studies looking stretched on an inter-day basis, we see the RSI taking time to unwind from oversold levels to allow for the price to correct before once again resuming a downward trajectory below 1.3500. From here, look for additional gains over the coming sessions back into the 1.3835-1.4055 region, with the market seen elevating into this previous support now turned resistance zone (July low, 200-Day SMA, and August low) before once again finding some solid offers and the formation of a shorter-term lower top. Ultimately, any additional gains beyond 1.4055 should not be sustainable and only a break and close back above this level would delay our bearish outlook.

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

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