EUR/USD Classical Technical Report 03.07
EUR/USD: The latest failure ahead of 1.3500 and subsequent break back below 1.3350 could now warn that a lower top is finally in place ahead of the next major downside extension below the 2012 lows by 1.2620. However, there is some short-term rising trend-line support off of the 2012 lows by 1.3150 which will need to be convincingly broken before we can really get behind the idea of a full on downside acceleration. Inability to establish below 1.3150 will keep bull sin the picture and could still warn of additional corrective gains in 2012. Back above 1.3320 will also compromise bearish outlook.
--- Written by Joel Kruger, Technical Currency Strategist
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