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EUR/USD Classical Technical Report 10.17

EUR/USD Classical Technical Report 10.17

2011-10-17 06:50:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURUSD_body_eur.png, EUR/USD Classical Technical Report 10.17

EUR/USD: The latest break back above 1.3700 suggests that a more significant short-term base is in place by 1.3145 and from here we see risks for further consolidation before the broader downtrend resumes. Key short-term support now comes in by the previous resistance now turned support at 1.3700 and a break back below will be required to alleviate immediate topside pressures. Rallies towards 1.4000 should however be sold as the market looks to carve a fresh lower top on the daily chart. Ultimately, only a daily close above 1.4100 would give reason for concern.

--- Written by Joel Kruger, Technical Currency Strategist

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

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