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EUR/USD Classical Technical Report 01.16

EUR/USD Classical Technical Report 01.16

2012-01-16 07:23:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURUSD_body_eur.png, EUR/USD Classical Technical Report 01.16

EUR/USD: Friday’s aggressive bearish reversal has negated the potential for a double bottom formation in the market and now opens the door for a fresh drop over the coming sessions back towards key psychological barriers at 1.2500. Still, daily studies are looking stretched to us and any additional weakness below 1.2500 is seen limited over the short-term in favor of a decent corrective rally. Back above 1.2880 required to officially alleviate immediate downside pressures.

--- Written by Joel Kruger, Technical Currency Strategist

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

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