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EUR/USD Classical Technical Report 11.15
Written by article default Tuesday, 15 November 2011 10:36
EUR/USD: Despite the bounce over the past few sessions, we still retain a bearish outlook, with the market in the process of a bearish consolidation ahead of the next major drop. The recent topside failure above 1.3800 strengthens our core bearish bias and should now open the door for a resumption of declines back towards critical support from early October at 1.3145. Daily studies still show plenty of room for weakness and we look for a break back below 1.3480 to confirm and accelerate. Ultimately, only back above 1.3870 would delay outlook and give reason for pause.
--- Written by Joel Kruger, Technical Currency Strategist
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