EURUSD Bear Risk through 1.3837/33 to Key 1.3295 into Mid-Month
EURUSD bearish extension threat
· We stated in our last client report that “whilst capped below 1.3445, we see bias for a roll back lower to the range, for 1.3382” and the nudge below this support leaves risk back to the cycle lows at 1.3337/33 into midweek..
· We restate the view that the latter July push below chart and retrace supports at 1.3400 and 1.3375 leaves bearish pressures into mid-August to aim for the 1.3295 spike low from Nov 2013.
· Downside overshoot threat is still to the 61.8% retrace at 1.3230 and maybe the 1.3105 in August.
WHAT CHANGES THIS?
· Above 1.3445 signals a neutral tone, only shifting positive above 1.3485/95.
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4 Hour EURUSD Chart
Daily EURUSD Chart