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EUR/USD Classical Technical Report 10.24

EUR/USD Classical Technical Report 10.24

2011-10-24 06:09:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURUSD_body_eur.png, EUR/USD Classical Technical Report 10.24

EUR/USD: At this point there are still no signs of let up, although we continue to classify the latest market rally out from 1.3145 as corrective. We contend that a fresh lower top will carve somewhere near current levels and will be on the lookout for a topside failure over the coming sessions. Rallies towards 1.4000 should therefore be aggressively sold, while back below 1.3650 would confirm bias and accelerate declines.

--- Written by Joel Kruger, Technical Currency Strategist

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

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