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.
WHAT CHANGES THIS?
· Above 1.3445 signals a neutral tone, only shifting positive above 1.3485/95.
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4 Hour EURUSD Chart
Daily EURUSD Chart