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EURUSD Bearish Extension Bias through 1.2500 for 1.2460

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EURUSD Bearish Extension Bias through 1.2500 for 1.2460

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.

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

4 Hour EURUSD Chart

 

b2ap3_thumbnail_EURUSD1_20141031-073044_1.png

Weekly EURUSD Chart

 

 

b2ap3_thumbnail_EURUSD2_20141031-073046_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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