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EURUSD Still Capped By 1.3730/35; Late May Risk to 1.3520

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EURUSD Still Capped By 1.3730/35; Late May Risk to 1.3520

EURUSD negative tone leaves late May bear bias for 1.3520

·         A grind lower Thursday to reinforce the negative outside Wednesday pattern through notable chart support from Feb at 1.3645 to reinforce the bearish tone.

·         Whilst capped below 1.3730/35, we see risk for a better push below 1.3645/35 to aim for the key 1.3520 retrace level

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

·         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 1.3775 eases bear risks; through 1.3905 signals a neutral tone, only shifting positive above 1.4000.


Daily EURUSD Chart




2 hour EURUSD Chart


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Tagged in: Bearish 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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