Steve Miley, MSTA
MarketChartist
EURUSD negating bull recovery effort
A push still lower on Wednesday as expected, reinforcing the downside reversal Tuesday from modest resistance at 1.2840/45 to push through rebound support at 1.2705 and target a better foundation a 1.2624.
We now see risk to 1.2624, which we had looked to try to hold to leave upside pressures this week, BUT, the growing threat is for a break here and for a move back to a range theme into latter October.
A rebound back above 1.2740 and really through 1.2840/45 is needed to re-energize upside pressures.
WHAT CHANGES THIS?
- Below 1.2624 signals a neutral tone, only shifting negative below 1.2583.
4 Hour EURUSD Chart
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