Steve Miley, MSTA
MarketChartist
We stated in our last report to our clients that "we still see bias for a roll back lower to the range and for a renewal of bearish extension pressures late this week, looking again for a cap at the down trend line from October (now 1.2515), for a re-energized bearish theme".
Short-term Outlook - Downside Risks:
The risk Friday is lower to modest supports at 1.2433, maybe 1.2402/01.
Into early December, we see the bias back through the cycle low at 1.2358.
In fact, we see a more negative tone with the bearish threat to 1.2295/ 1.2240 weekly targets from 2012 into December
For year-end, the risk is lower, for 1.2145/35 and even the 2012 cycle low at 1.2042.
What Changes This? Above 1.2515 signals a neutral tone, only shifting bullish above 1.2600.
For Today: We see a downside bias for 1.2443; break here aims for 1.2402/01 and maybe even closer to 1.2374/59/58. But above 1.2515 opens risk up to 1.2532, maybe even 1.2570/76.
2 Hour EURUSD Chart
Daily EURUSD Chart
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