EURUSD negative tone leaves late May bear bias for 1.3520
· A grind lower Thursday to reinforce the negative outside Wednesday pattern through notable chart support from Feb at 1.3645 to reinforce the bearish tone.
· Whilst capped below 1.3730/35, we see risk for a better push below 1.3645/35 to aim for the key 1.3520 retrace level
· The previous break below 1.3672 completed a bigger Double Top and a still more bearish shift.
· 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 1.3775 eases bear risks; through 1.3905 signals a neutral tone, only shifting positive above 1.4000.
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