EURUSD downside extension threat
· A better Monday break lower, through our next downside target at the 61.8% retrace at 1.3230 to reinforce the bearish outside Friday pattern and downside risks into this week..
· We see bear pressures this week whilst capped by minor resistance at 1.3300, and better barriers at 1.3350/60.
· Moreover, we see late August potential to maybe aim for 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.
WHAT CHANGES THIS?
· Above 1.3300 eases bear risks; through 1.3416 signals a neutral tone, only shifting positive above 1.3445.
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4 Hour EURUSD Chart
Daily EURUSD Chart