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EUR/USD Classical Technical Report 09.09
Written by article default Friday, 09 September 2011 09:49
EUR/USD: The latest downside pressures have intensified and the market is now looking to establish below next key support at 1.3835. The level is critical and a weekly close below will likely accelerate declines and open the door for a potential drop that ultimately exposes the 1.2000 handle further down. A closer look at the monthly chart dating back to the record highs from 2008 shows a progressive decline with the market in the process of carving a series of lower tops and lower lows. Therefore, a clear break below 1.3835 will do a good job of reinforcing the potential for the carving of the next major lower top below 1.5000. In the interim, look for any rallies to be well capped below 1.4250, while only back above 1.4500 gives reason for concern.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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