EUR/USD Classical Technical Report 10.26
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 1.3820 would confirm bias and accelerate declines. It is worth paying attention to the daily Ichimoku cloud which shows the market still in a downtrend and stalling into cloud resistance.
--- Written by Joel Kruger, Technical Currency Strategist
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