Precise Technique doesn't prevent critical hits.

I noticed that my tooltip dps was going up as I gained power charges from my body armour (Exarch implicit) even though I have Precise Technique allocated. I then tested out my suspicion by allocating a crit chance node on the tree and saw that it was also increasing my tooltip dps.

Precise Technique still provides the 40% more damage when accuracy is higher than life, but is currently not giving the downside of no crits.