EURUSD plunge and rebound failure keeps risks lower

Intermediate

A rebound failure Tuesday from just below our 1.1325 resistance (back from 1.1322) after Monday’s very aggressive selloff through various supports as low as 1.1315 (to 1.1273), to keep risks lower for Wednesday.

We see an intermediate-term bull trend since the push above 1.1348

For Today:

  • We see a downside bias for 1.1273/69; break here aims for 1.1233, possibly even towards key 1.1180.
  • But above 1.1322/25 opens risk up to 1.1360.

Intermediate-term Outlook – Upside Risks: We see an upside risk for 1.1448.

  • Higher targets would be 1.1509 and 1.1570.
  • What Changes This? Below 1.1180 shifts the intermediate-term outlook back to neutral; through 1.1106is needed for an intermediate-term bear theme.

4 Hour EURUSD Chart

4h EURUSD Chart 2019-07-03

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Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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