EUR/USD Classical Technical Report 01.11
EUR/USD: After finally taking out the 2011 lows from January by 1.2870, the market seems poised for the next major downside extension. Overall, we retain a strong bearish outlook for this market and look for setbacks to extend towards the 1.2000 handle over the coming months. However, shorter-term studies are stretched and from here, we would not rule out the potential for some corrective upside back towards the 1.3000-1.3200 area over the coming days, before underlying bear trend resumption.
--- Written by Joel Kruger, Technical Currency Strategist
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