EURUSD bear trend extension theme into October
· We have stressed in client reports through latter September that “we still aim lower into latter September, for an important cluster of support from the 2012-14 retracement at 1.2785 and key 2013 lows 1.2765 and 1.2745” and the push through this key support area reinforces a still more negative theme.
· We now see bias to a significant 2012 weekly swing low at 1.2662.
· A break here then aims for further long term targets at 1.2502 and 1.2460.
· We look for resistance on a bounce at 1.2760/70; a reversal of the trend line from mid-August, 1.2830 is needed for a neutral shift.
WHAT CHANGES THIS?
· Above 1.2816 eases bear risks; through 1.2830 signals a neutral tone, only shifting positive above 1.2995.
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