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.
WHAT CHANGES THIS?
· Above 1.3040 eases bear risks; through 1.3160 signals a neutral tone, only shifting positive above 1.3220.
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Daily EURUSD Chart
Weekly EURUSD Chart