EUR/USD Classical Technical Report 12.1
EUR/USD: Overall, the market is still locked in a downtrend and we expect a retest and break of the key October lows at 1.3145 over the coming days. Rallies are classed as corrective and look for these moves to be well capped below 1.3500 on a daily close basis, while only back above 1.3750 would ultimately delay. Once 1.3145 is taken out, it will negate the corrective October price action and should result in a more aggressive bout of selling into the 1.2000’s. We continue to project weakness over the coming weeks into the lower 1.2000’s as per the monthly chart.
--- Written by Joel Kruger, Technical Currency Strategist
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