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EURUSD Eyes Key 1.3520 Retrace Target

Posted by on in FX Chart Updates
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EURUSD Eyes Key 1.3520 Retrace Target

EURUSD negative theme intact for 1.3520

  • A more significant erosion Friday to reinforce the bearish outside Wednesday pattern for a better push below key chart support from Feb at 1.3645.

  • The previous break below 1.3672 completed a bigger Double Top and a still more bearish shift.

  • We now aim for a minor prop at 1.3562 on the way to our key 1.3520 retrace target

  • Growing risk, however, is for a still more bearish theme, to even target the 2014 low at 1.3477.

  • The measured objective for the Double Top is closer to 1.3350.



  • Above 1.3735 eases bear risks; through 1.3775 signals a neutral tone, only shifting positive above 1.4000.



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Tagged in: 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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