EURUSD bear trend intact
· Despite a minor bounce effort through midweek, modest resistance is intact at 1.3160 ahead of a better barrier at 1.3197 to maintain bear pressures.
· We still see early September risk to the 1.3105 swing low from September 2013.
· Overshoot threat for early September is lower, for the 78.6% retrace of the 2013-14 rally at 1.3020 and 1.3000.
WHAT CHANGES THIS?
· Above 1.3221 eases bear risks; through 1.3298 signals a neutral tone, only shifting positive above 1.3445.
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4 Hour EURUSD Chart
Daily EURUSD Chart