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EUR/USD Classical Technical Report 10.28

EUR/USD Classical Technical Report 10.28

2011-10-28 07:59:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURUSD_body_eur10.png, EUR/USD Classical Technical Report 10.28

EUR/USD: It has been very difficult to retain a bullish USD outlook in the short-term, with the Euro rallying so aggressively in the month of October. However, we continue to take our cues from the longer-term monthly chart which shows a different picture and significantly mitigates the USD beating on the daily chart. The monthly chart shows the market in a downtrend off of the record highs from 2008 and in the process of carving the next lower top ahead of a move back towards the 1.2000 area. Despite the latest surge in October, the price is still holding below September’s high and we look for gains to stall out somewhere ahead of 1.4390 in favor of a bearish resumption. Ultimately, only back above 1.4390 would delay and 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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