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EURUSD Bounce Efforts Stalls Again; Bias Still Lower for 1.3295

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EURUSD Bounce Efforts Stalls Again; Bias Still Lower for 1.3295

EURUSD bear extension risk

·         Yet another upside recovery rejection Thursday and despite the inside pattern, whilst below 1.3416 and the strong barriers at 1.3433/45, this leaves risk back to the cycle lows at 1.3337/3.

·         We see skewed Friday risk again for a break below here.

·         Moreover, we remain of the view that the latter July push below chart and retrace supports at 1.3400 and 1.3375 leaves bearish pressures into mid-August to aim for the 1.3295 spike low from Nov 2013.

·         Downside overshoot threat is still to the 61.8% retrace at 1.3230 and maybe the 1.3105 in August.


·         Above 1.3445 signals a neutral tone, only shifting positive above 1.3485/95.

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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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