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EUR/USD Classical Technical Report 11.01
Written by article default Tuesday, 01 November 2011 09:04
EUR/USD: Last Thursday’s intense rally has now been completely offset and the market finally looks like it has carved out a fresh lower top by 1.4250 ahead of the next major downside extension. From here, we look for a break and close back below 1.3650 to confirm bias and accelerate declines towards critical support at 1.3145. Below 1.3145 will then open the next major drop towards our longer-term objective into the lower 1.2000’s. Any intraday rallies should now be very well capped ahead of 1.4000, while only back above 1.4250 would negate outlook and give reason for pause.
--- Written by Joel Kruger, Technical Currency Strategist
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