EUR/USD: Corrective Setback
Steve Miley | Aug 13, 2013 03:36AM ET
- We have recently stressed that “we would look for modest support at 1.3240 to hold on a corrective setback early this week” and having had such a correction, we now look for stability and a re-energizing of upside pressures.
- The previous rally through the 1.3345 peak, to shift the short-term bias to positive leaves upside risk back to failure peaks at 1.3416/34 this week.
- The threat through mid-August, however, is now shifting for a push above 1.3416/34 to aim for retrace/ chart targets at 1.3505/20.
- Below 1.3240 signals a neutral tone again, only shifting negative below 1.3165.
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