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EURUSD Bias for a Roll Back Lower

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EURUSD Bias for a Roll Back Lower

Building on the Thursday Bullish Outside pattern through notable resistance in the 1.0840/48 area, but reluctant to test modest resistance at 1.0925.

We see the Monday bias for a roll back lower and whilst capped by 1.1053 we see bearish pressures for late April and into May.

For Today:

We see a downside bias for 1.0802 ; break here aims for 1.0786, maybe 1.0731.

But above 1.0900 opens risk up to 1.0925 and 1.0955.

Short-/Intermediate-term Outlook - Downside Risks:

Into May we see bias for a further for a roll lower to teh range, then for a retest of the 1.0459 March cycle low.

As we have stated since last year, for 2015 (Q2?), the threat is to PARITY and just below here, .9900, the 78.6% retrace of the entire 2000-2008 bull rally.

Overshoot risk for Q2 is now lower to the .9609 swing low from 2002.

What Changes This? Through 1.1053 signals a neutral tone, only shifting positive above 1.1249. 

A taster of the report above. To view the full EURUSD report with screencasts, levels and more, click here
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2 Hour EURUSD Chart


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Tagged in: EUR Euro EURUSD Forex FX

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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