A still more bearish tone Thursday and we have stated in our recent reports to clients that "we see bias for a roll lower into the March range for key support at 1.0713".
The break below this key support level has reinforced the previous setback from 1.1036 and the March bearish outside pattern back from 1.1053 for a more bearish theme for April.
We see a downside bias for 1.0637 and 1.0613; break here aims for key support at 1.0590/79 and 1.0550, maybe even 1.0495, which we would look to try to holds at first.
But above 1.0729 opens risk up to 1.0789, which we would look to try to cap.
Short-/Intermediate-term Outlook - Downside Risks:
Into April we see bias for a further roll back lower to the range, for 1.0613.
Then for a retest of the recent 1.0462 cycle low.
As we have stated since last year, for 2015 (Q2?), the threat is to PARITY and just below here, .9900, the 78.6% retrace of the entire 2000-2008 bull rally.
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4 Hour EURUSD Chart