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EUR/USD Classical Technical Report 05.02

EUR/USD Classical Technical Report 05.02

2012-05-02 06:12:00
Joel Kruger, Technical Strategist
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daily_classical_euro_body_eur.png, EUR/USD Classical Technical Report 05.02

EUR/USD: Overall, the market remains locked in a very tight directionless, choppy consolidation. Ultimately a break back above 1.3500 or below 1.3000 will be required for clearer directional bias. At this point, we favor selling rallies just over 1.3300, with the level offering a confluence of resistance in the form of a round figure, upper Bollinger, 78.6% fib retrace of the March-April move, and falling trend-line resistance off of the yearly highs. Only back above 1.3500 would negate outlook.

--- Written by Joel Kruger, Technical Currency Strategist

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

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