Steve Miley, MSTA
MarketChartist
EURUSD aims lower for longer term targets
Another failure Friday for a new bear trend low, back from the trend line from mid-August, now 1.2930 to reinforce the previous setback from the 1.2995 level.
Bigger picture, the mid-month breach of the key “neckline” support from 2012 leaves a more bearish tone for extension to longer term targets.
We look for 1.2995 to continue to try to cap and 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
Through here sees a significant 2012 weekly swing low at 1.2662.
WHAT CHANGES THIS?
Above 1.2945 eases bear risks; through 1.2995 signals a neutral tone, only shifting positive above 1.3160.
4 Hour EURUSD Chart
Weekly EURUSD Chart
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