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EUR/USD Classical Technical Report 01.12

EUR/USD Classical Technical Report 01.12

2012-01-11 12:34:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURUSD_body_eur.png, EUR/USD Classical Technical Report 01.12

EUR/USD: Although the Euro remains locked in a rather intense downtrend, daily studies are now looking quite stretched and from here, there are risks for some form of a short-term corrective bounce before underlying bear trend resumption. Look for a break back above 1.2820 to confirm, and trigger an interday double bottom that opens a move towards 1.3000. However, inability to break back above 1.2820 will keep pressure on downside, exposing a more direct test of next key downside barriers by 1.2500. Overall, the risks are tilted to the downside and we see an eventual depreciation towards 1.2000 over the coming weeks.

--- Written by Joel Kruger, Technical Currency Strategist

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

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