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EURUSD Bearish Shift Aims for 1.3400 and 1.3375 Targets

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EURUSD Bearish Shift Aims for 1.3400 and 1.3375 Targets

·         We stated in our last client report that “whilst minimally below 1.3490/95, we see negative pressures intact for still further erosion into latter July (and likely Friday)”  and an end of week probe to another new low for the year dismissed the neutral outside Thursday pattern.

·         Moreover, this activity has reinforced the bearish extension through 1.3477, the prior 2014 low.

·         We still see risk to chart and retrace supports at 1.3400 and 1.3375 respectively.

·         Overshoot threat is now to the 1.3295 spike low.

WHAT CHANGES THIS?

·         Above 1.3550 eases bear risks; through 1.3628 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 EURUSD Chart

 

b2ap3_thumbnail_EURUSD1_20140728-061554_1.png

Daily EURUSD Chart

 

b2ap3_thumbnail_EURUSD2_20140728-061643_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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