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EUR/USD Classical Technical Report 09.26

EUR/USD Classical Technical Report 09.26

2011-09-26 06:25:00
Joel Kruger, Technical Strategist
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EURUSD_CLassical_body_eur.png, EUR/USD Classical Technical Report 09.26

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. The latest inter-day rally off of the 1.3500 area lows has stalled out within our projected lower top region between 1.3835 and 1.4055 and Thursday’s break back below 1.3500 confirms the lower top at 1.3940 and should accelerate declines down towards 1.3000 over the coming days. Still, with daily studies looking slightly stretched, look to sell into a rally towards 1.3700 rather than attempting fresh shorts on downside breaks. Ultimately, only a close back above 1.3940 delays outlook and gives reason for pause.

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

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