EUR/USD: Another Recovery?
Steve Miley | Aug 19, 2014 02:55AM ET
EURUSD downside extension threat
We stated in our last report that “while below the higher area [1.3433/45], we see bias for a roll back lower to the range into midweek, back to 1.3360/55 and then maybe to the cycle lows at 1.3337/33”.
The stall back from below 1.3416 and 1.3433/45, reinforces this negative bias.
Moreover, we remain with our view that the latter July push below chart and retrace supports at 1.3400 and 1.3375 leaves bearish pressures into mid-August to aim for the 1.3295 spike low from Nov 2013.
Downside overshoot threat is still to the 61.8% retrace at 1.3230 and maybe the 1.3105 in August.
WHAT CHANGES THIS?
Above 1.3445 signals a neutral tone, only shifting positive above 1.3485/95.
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