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EURUSD Hits Our Flagged Target Area 1.2785/65/45; Risk Now 1.2662

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EURUSD Hits Our Flagged Target Area 1.2785/65/45; Risk Now 1.2662

EURUSD bear trend extension risk for late September

·         We have stressed over the past week that “we still aim lower into latter September, for an important cluster of support from the 2012-14 retracement at 1.2785 and key 2013 lows 1.2765 and 1.2745” and the push through this key support area, 1.2785/65/45, leaves thereat for a still more negative theme.

·         We now see bias to a significant 2012 weekly swing low at 1.2662.

·         A break aims for 1.2502 and 1.2460.

·         We look for resistance on a bounce at 1.2785/90 and 1.216; a reversal of the trend line from mid-August, now 1.2850 is needed for a neutral shift.

WHAT CHANGES THIS?

·         Above 1.2816 eases bear risks; through 1.2850 signals a neutral tone, only shifting positive above 1.2995.

Download our full report with latest screencast & levels here: http://members.marketchartist.com/Daily/EURUSD.pdf

4 Hour EURUSD Chart

b2ap3_thumbnail_EURUSD1_20140926-060837_1.png

Weekly EURUSD Chart

 

b2ap3_thumbnail_EURUSD2_20140926-060839_1.png 

 

 

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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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