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EURUSD Still Hesitant, Poised

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EURUSD Still Hesitant, Poised

A bounce effort Thursday to probe above 1.1200 resistance, as we had expected, after the deeper correction to start the week through support at 1.1148, to leave a neutral tone for today.

Moreover, whilst above deeper support at 1.1048 and given the previous push above 1.1380/86, we see late June risk still higher.

For Today: We see a neutral tone between 1.1235 and 1.1134 (with a positive bias)

Break above 1.1235 aims for 1.1283, which we would look to try to cap.

Break below 1.1134 aims for 1.1077, maybe 1.1048, which we would look to try to hold.

Short/ Intermediate-term Outlook - Upside Risks:

We see a positive tone with the bullish threat to 1.1467.

Above here targets 1.1534 and 1.1680.

Overshoot risk is higher for 1.1871.

What Changes This? Below 1.1048 signals a neutral tone, only shifting negative below 1.0819.

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2 Hour EURUSD Chart 


Daily EURUSD Chart


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Tagged in: EUR 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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