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$EURUSD Corrective Rebound Bias

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$EURUSD Corrective Rebound Bias

A better bounce late last week, again reluctant to retest the 1.0819/07 support area, to leave an upside bias for Monday.

However, for latter July/ early August, we still see a bearish tone since the probe of 1.0819.

For Today:

We see an upside bias for 1.1018; break here aims for 1.1036 and then 1.1081.

But below 1.0921 opens risk down to 1.0868.

Short/ Intermediate-term Outlook - Downside Risks:

We now see a more negative tone with the bearish threat to 1.0658.

Below here targets 1.0520 and 1.0459.

What Changes This? Above 1.1081 eases bear risks; through 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

2 Hour EURUSD Chart


Daily EURUSD Chart


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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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