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ECB Focus: EURUSD Aims at 1.3562 Ahead of 1.3520 Target

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ECB Focus: EURUSD Aims at 1.3562 Ahead of 1.3520 Target

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

EURUSD

4 hour EURUSD Chart

EURUSD

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Tagged in: ECB Euro EURUSD Forex FX

Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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