EUR/USD Bear Tone, Aims For 1.3400 Target
Steve Miley | Feb 05, 2014 03:18AM ET
EUR/USD bear tone, aims for 1.3400 target
Further low level digestion activity thus far this week of the significant erosion last week, which signalled a still better topping structure.
We stated last week that “having pushed into our 1.3560/50 target area, we see a more bearish tone through 1.3508 for 1.3400 into early February”.
The Friday breach of 1.3508 reinforces the topping from Dec and leaves bear risk to 1.3400 this week.
Overshoot risk for Feb is still the 50% retrace and key Q4 swing low 1.3325/ 1.3295.
The 8-day RSI is negative, only just OS, leaving scope to go still lower this week.
WHAT CHANGES THIS?
Above 1.3685 eases bear risks; through 1.3775 signals a neutral tone, only shifting positive above 1.3820.
Please see full report with levels and latest audio-visual analysis here :
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