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EURUSD Upside Rejection; Bear Bias

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EURUSD Upside Rejection; Bear Bias

An erratic consolidation on Friday to reflect the indecisive tone that has dominated since the mid-March FOMC rally, but we see a negative bias early this week.

Another recovery effort Thursday probed just above the peak from the post-FOMC rally at 1.1036 (up to 1.1053), but then yet another stall for a bearish outside pattern Thursday for an upside rejection of a broader range shift to leave risks back to the downside.

We still see an erratic consolidation theme into late March and maybe early April, but with a negative bias and look for the bear trend resumption into April.

For Today:

  • We see a downside bias back through 1.0855 to 1.0801, maybe for 1.0767/54.
  • But above 1.0949 opens risk up towards 1.1053, which we would again look to try to cap.

 

A taster of the report above. To view the full EURUSD report with screencasts, levels and more, click here
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2 Hour EURUSD Chart

b2ap3_thumbnail_EURUSD2_20150330-052618_1.png

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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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