EURUSD bear trend resumption
· We stressed in our last client report and here too that “the push below 1.2583 has seen a shift to a more negative theme and sees bearish extension pressures into early November and maybe even for a test to 1.2500 today [Friday]”
· The break here as expected now sees the bias lower into early November to already push this morning through a key 1.2460 retrace target.
· Below here, now sees little support of note until 1.2295 and 1.2240 into mid-November.
· We see corrective upside capped by 1.2592 and better barrier 1.2631 early this week.
WHAT CHANGES THIS?
· Above 1.2631 eases bear risks; through 1.2771 signals a neutral tone, only shifting positive above 1.2840/45.
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2 Hour EURUSD Chart
Weekly EURUSD Chart