EURUSD bear trend resumption threat
· We stressed in our last report to clients that “the midweek plunge post-FOMC has eroded 1.2614/05 supports and aims for the lower end of the range at chart and retrace support at 1.2583. The growing threat this week is for a break below here and a more bearish shift”.
· The push below 1.2583 has seen a shift to a more negative theme and sees bearish extension pressures into early November and maybe even for a test to 1.2500 today
· We now see the bias lower in November through 1.2500 for a key 1.2460 retrace target, .maybe for 1.2295 and 1.2240.
WHAT CHANGES THIS?
· Above 1.2630/40 eases bear risks; through 1.2771 signals a neutral tone, only shifting positive above 1.2840/45.
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4 Hour EURUSD Chart
Weekly EURUSD Chart