EUR/USD bear trend extension risk for late September
- We have stressed over the past week that “we still aim lower into latter September, for an important cluster of support from the 2012-14 retracement at 1.2785 and key 2013 lows 1.2765 and 1.2745” and the push through this key support area, 1.2785/65/45, leaves thereat for a still more negative theme.
- We now see bias to a significant 2012 weekly swing low at 1.2662.
- A break aims for 1.2502 and 1.2460.
- We look for resistance on a bounce at 1.2785/90 and 1.216; a reversal of the trend line from mid-August, now 1.2850 is needed for a neutral shift.
WHAT CHANGES THIS?
- Above 1.2816 eases bear risks; through 1.2850 signals a neutral tone, only shifting positive above 1.2995.
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