EURUSD aims lower for longer term targets
· Another failure Friday for a new bear trend low, back from the trend line from mid-August, now 1.2930 to reinforce the previous setback from the 1.2995 level.
· Bigger picture, the mid-month breach of the key “neckline” support from 2012 leaves a more bearish tone for extension to longer term targets.
· We look for 1.2995 to continue to try to cap and still aim lower into latter September, for an important cluster of support from the 2012-14 retracement at 1.2785 and key 2013 lows 1.2765 and 1.2745
· Through here sees a significant 2012 weekly swing low at 1.2662.
WHAT CHANGES THIS?
· Above 1.2945 eases bear risks; through 1.2995 signals a neutral tone, only shifting positive above 1.3160.
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4 Hour EURUSD Chart
Weekly EURUSD Chart