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$EURUSD downside bias for 1.1079/68; break here aims for 1.1009

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$EURUSD downside bias for 1.1079/68; break here aims for 1.1009

A Wednesday and Friday stall ahead of the key 1.1216 barrier (as expected) for a roll back lower and a bear tone for Monday.

Furthermore, whilst below 1.1216, we see the broader, erratic down trend intact and see the risks as lower through mid-August.

For Today:

We see a downside bias for 1.1079/68; break here aims for 1.1009.

But above 1.1214/16 opens risk up to 1.1244 and 1.1278/86, which we would look to try to cap.

Short/ Intermediate-term Outlook - Downside Risks:

Whilst below 1.1216 we see a more negative tone with the bearish threat back to 1.0807.

Below here targets 1.0658, 1.0520 and 1.0459.

What Changes This? Above 1.1216 signals a neutral tone, only shifting positive above 1.1436. 

Momentum: The 8-day RSI, short-term momentum is falling and has scope to go still lower this week.


A taster of the report above. To view the full EURUSD report with screencasts, levels and more, click here 
Remember, for a FREE trial of our FX and all other reports, sign up by clicking here

4 Hour EURUSD Chart

b2ap3_thumbnail_eur2_20150817-053728_1.png

Daily EURUSD Chart

b2ap3_thumbnail_eur1_20150817-053722_1.png

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Tagged in: EUR Euro EURUSD Forex FX

Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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