EUR/USD Eyes Key 1.3520 Retrace Target
Steve Miley | May 26, 2014 03:32AM ET
EUR/USD negative theme intact for 1.3520
A more significant erosion Friday to reinforce the bearish outside Wednesday pattern for a better push below key chart support from February at 1.3645.
The previous break below 1.3672 completed a bigger Double Top and a still more bearish shift.
We now aim for a minor prop at 1.3562 on the way to our key 1.3520 retrace target
Growing risk, however, is for a still more bearish theme, to even target the 2014 low at 1.3477.
The measured objective for the Double Top is closer to 1.3350.
WHAT CHANGES THIS?
Above 1.3735 eases bear risks; through 1.3775 signals a neutral tone, only shifting positive above 1.4000.
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