24 Nov 2014
EUR/USD bearish bias for 1.2358 – MarketChartist
FXStreet (Barcelona) - Steve Miley of MarketChartist sees a downside bias for 1.2358 for the EUR/USD pair after the aggressive sell-off on Friday saw the pair plunging to below 1.24 levels.
Key Quotes
“Initial risk early this week is through the cycle low at 1.2358 this week”
“We now see a more negative tone with the bearish threat to 1.2295/ 1.2240 weekly targets from 2012.”
“Potentially through month-end and for December, the threat is lower, for 1.2145/35 and even the 2012 cycle low at 1.2042.”
“Momentum: The 8-day RSI, short-term momentum is falling and has scope to go still lower this week.”
“For Today: We see a downside bias for 1.2358; break here aims for 1.2336 and 1.2312, maybe key 1.2295. But above 1.2440 opens risk up to 1.2501/04.”
Key Quotes
“Initial risk early this week is through the cycle low at 1.2358 this week”
“We now see a more negative tone with the bearish threat to 1.2295/ 1.2240 weekly targets from 2012.”
“Potentially through month-end and for December, the threat is lower, for 1.2145/35 and even the 2012 cycle low at 1.2042.”
“Momentum: The 8-day RSI, short-term momentum is falling and has scope to go still lower this week.”
“For Today: We see a downside bias for 1.2358; break here aims for 1.2336 and 1.2312, maybe key 1.2295. But above 1.2440 opens risk up to 1.2501/04.”