2 Dec 2014
EUR/USD bear risk now to 1.2402/01 – MarketChartist
FXStreet (Barcelona) - Steve Miley of MarketChartist notes that the short term outlook for the EUR/USD pair sees immediate risk towards modest supports at 1.2402/01.
Key Quotes
“The immediate risk remains lower to modest supports at 1.2402/01.”
“Into early December, we see the bias back through the cycle lows at 1.2359/58.”
“In fact, we see a more negative tone with the bearish threat to 1.2295/ 1.2240 weekly targets from 2012 into December.”
“For year-end, the risk is lower, for 1.2145/35 and even the 2012 cycle low at 1.2042.”
“For Today: We see a downside bias through 1.2455 for 1.2420; break here aims for 1.2402/01 and maybe even closer to 1.2359/58. But above 1.2507 opens risk up to 1.2532, maybe even 1.2550/54 and 1.2570/76”
Key Quotes
“The immediate risk remains lower to modest supports at 1.2402/01.”
“Into early December, we see the bias back through the cycle lows at 1.2359/58.”
“In fact, we see a more negative tone with the bearish threat to 1.2295/ 1.2240 weekly targets from 2012 into December.”
“For year-end, the risk is lower, for 1.2145/35 and even the 2012 cycle low at 1.2042.”
“For Today: We see a downside bias through 1.2455 for 1.2420; break here aims for 1.2402/01 and maybe even closer to 1.2359/58. But above 1.2507 opens risk up to 1.2532, maybe even 1.2550/54 and 1.2570/76”