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EUR/USD Classical Technical Report 10.07

EUR/USD Classical Technical Report 10.07

2011-10-07 07:33:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURUSD_body_eur.png, EUR/USD Classical Technical Report 10.07

EUR/USD: The market remains under intense pressure and the latest corrective price action has now officially come to an end with a fresh lower top confirmed at 1.3690 following the drop to multi-day lows below 1.3360. This should open the door for a measured move downside extension towards our next objective by 1.3000 over the coming sessions, with only a break back above 1.3690 to delay outlook and give reason for pause. In the interim, intraday rallies should be well capped below 1.3500 on a daily close basis.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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