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EURUSD Bear Risk to the 1.3295 Spike Low from Nov 2013

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EURUSD Bear Risk to the 1.3295 Spike Low from Nov 2013

EURUSD bearish trend extension bias

·         We had expected a defensive digestion tone on Tuesday, but a more bearish tone resumed quicker than anticipated.

·         We did state in our last client report that “the latter July push below chart and retrace supports at 1.3400 and 1.3375 leaves bearish pressures into early August to aim for the 1.3295 spike low from Nov 2013”.

·         Whilst capped below 1.3445, we see downside to this support this week.

·         Downside overshoot threat is still to the 61.8% retrace at 1.3230 and maybe the 1.3105 in August.

WHAT CHANGES THIS?

·         Above 1.3495 eases bear risks; through 1.3550 signals a neutral tone, only shifting positive above 1.3652.

Download our full report with latest screencast & levels here: http://members.marketchartist.com/Daily/EURUSD.pdf

 

4 Hour & Daily EURUSD Charts

b2ap3_thumbnail_EURUSD1_20140806-063108_1.pngb2ap3_thumbnail_EURUSD2_20140806-063110_1.png

 

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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