EUR/USD: Head Fakes Higher For Roll Lower?
EURUSD head fakes higher for roll lower?
- Despite a bullish outside pattern to probe above the 1.3295/00 topping area from June, the subsequent setback into Thursday has indicated this as a potential head fake higher/ bullish failure to still point to a more negative early August range bias
- Inability to re-energize above 1.3345 today would favour a move back towards minor range support 1.3170/50.
- Through here targets 1.3000/2990.
WHAT CHANGES THIS?
- Downside: Only below 1.2990 sets a more defensive range theme; a break of 1.2890 would re-energize downside pressures through 1.2750/45
- Upside: Above 1.3345 would signal a more positive tone and aim to and likely through 1.3416/34 peaks for 1.3505/20.
Please see latest audio-visual analysis here:
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