Steve Miley, MSTA
MarketChartist
EURUSD bear trend extension theme into October
We have stressed in client reports through latter September that “we 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” and the push through this key support area reinforces a still more negative theme.
We now see bias to a significant 2012 weekly swing low at 1.2662.
A break here then aims for further long term targets at 1.2502 and 1.2460.
We look for resistance on a bounce at 1.2760/70; a reversal of the trend line from mid-August, 1.2830 is needed for a neutral shift.
WHAT CHANGES THIS?
- Above 1.2816 eases bear risks; through 1.2830 signals a neutral tone, only shifting positive above 1.2995.
4 Hour EURUSD Chart
Weekly EURUSD Chart
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