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EUR/USD Classical Technical Report 02.10

EUR/USD Classical Technical Report 02.10

2012-02-10 07:34:00
Joel Kruger, Technical Strategist
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Daily_Classical_EURUSD_body_eur.png, EUR/USD Classical Technical Report 02.10

EUR/USD: The latest multi-session consolidation has been broken, with the pair clearing resistance at 1.3235 and opening a test of the 100-Day SMA just over 1.3300. Given the recent consolidation range of approximately 200 points (1.3025-1.3235), we will leave the door open for a move towards the 1.3450 area before the market eventually looks to stall out and carve a more meaningful lower top ahead of broader underlying bear trend resumption. A break back below 1.3025 is now required to officially alleviate immediate topside 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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