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EUR/USD Classical Technical Report 03.08

EUR/USD Classical Technical Report 03.08

2012-03-08 06:33:00
Joel Kruger, Technical Strategist
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eur_techs_body_eur.png, EUR/USD Classical Technical Report 03.08

EUR/USD: Setbacks have been supported for now by the 50-day SMA and top of the Ichimoku cloud and the market seems to be content on some sideways consolidation before making any clear directional move. The key levels to watch above and below come in by 1.3225 and 1.3095 respectively, and we will need to see a break and close above or below either for an indication of where this market could be headed over the short-term. A close above 1.3225 will reintroduce the possibility for additional gains towards 1.3500, while a close back under 1.3095 will open deeper setbacks towards next key support at 1.2975 further down.

--- Written by Joel Kruger, Technical Currency Strategist

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

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