EURUSD downside risks resurfacing
· A low level digestion through midweek, hovering at minor support at 1.3520, but unable to generate any decent recovery activity.
· Having negated the positive tone from the aggressive bullish outside pattern last Thursday and whilst below 1.3690 chart/ retrace resistance, we see bear pressures intact for a test of the 1.3503 spike low.
· The risk is growing for a mid-June break below 1.3503 for targets at 1.3477, 1.3400 and 1.3375.
· The measured objective for the March-May Double Top is closer to 1.3350.
WHAT CHANGES THIS?
· Above 1.3690 eases bear risks; through 1.3735 signals a neutral tone, only shifting positive above 1.3775.
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Daily EURUSD Chart
4 hour EURUSD Chart