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EUR/USD Classical Technical Report 10.27

EUR/USD Classical Technical Report 10.27

2011-10-27 06:56:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURUSD_body_eur.png, EUR/USD Classical Technical Report 10.27

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 beyond 1.4000 should therefore be aggressively sold, while back below 1.3800 would confirm bias and accelerate declines. It is worth paying attention to the daily Ichimoku cloud which shows the market by cloud resistance and just ahead of the 100/200-Day SMAs. Ultimately, only a close above 1.4100 would negate outlook and give reason for pause.

--- Written by Joel Kruger, Technical Currency Strategist

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

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