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EURUSD Breaks Key Neckline from 2012; Bear Risk to 1.2785/65/45 Cluster

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EURUSD Breaks Key Neckline from 2012; Bear Risk to 1.2785/65/45 Cluster

EURUSD bear trend to extend

·         An initial low level digestion, capped by minor resistance at 1.2995 and then another bear extension to reinforce pressures this week.

·         The Thursday aggressive plunge through 1.3105, the 78.6% retrace of the 2013-14 rally at 1.3020 and 1.3000 psychological level has set up a far more bearish tone into mid-September.

·         The break already this week of a key “neckline” support from 2012 (1.2922 for the week), now aims for an important 2012-14 retracement at 1.2785 and key 2013 cycle lows at 1.2765 and 1.2745.

·         Through here sees a significant 2012 weekly swing low at 1.2662.


·         Above 1.3040 eases bear risks; through 1.3160 signals a neutral tone, only shifting positive above 1.3220.

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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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