Steve Miley, MSTA
MarketChartist
EURUSD positive tone and resistance threats
A resilient digestion theme late last week, above minor support at 1.2705 and better foundation a 1.2624 to leave upside pressures intact early this week.
The strong midweek rally through 1.2792 and the developing October recovery up trend points to a more bullish theme.
We still see upside targets into the 2nd half of October higher, into midweek for 1.2902 and 1.2930 next.
Overshoot risk is through 1.2995 for a stronger base to aims for 1.3160.
We see support holding today at 1.2705 likely 1.2735.
WHAT CHANGES THIS?
Below 1.2705 eases bull risks; through 1.2624 signals a neutral tone, only shifting negative below 1.2583.
4 Hour EURUSD Chart
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES, OPTIONS AND FX PRODUCTS. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE
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