ECB Spotlight - EURUSD downside risks remain
A still negative tone, unable to decisively break above the down trend line from mid-May and capped by the 1.3650 peak ahead of 1.36805/90 and better chart barriers at 1.3730/35 to leave short-term bearish pressures intact.
We see risk now late this week lower for a minor prop at 1.3562 and our key 1.3520 retrace target
The growing threat, however, is for a still more bearish theme into June, to target the 2014 low at 1.3477.
The measured objective for the Double Top is closer to 1.3350.
WHAT CHANGES THIS?
Above 1.3690 eases bear risks; through 1.3735 signals a neutral tone, only shifting positive above 1.3775.
Daily EURUSD Chart
4 hour EURUSD Chart