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EUR/USD Sees Firm Resistance 1.2510/34, with Better Barrier 1.2578 for Roll Lower – MarketChartist

FXStreet (Barcelona) - Steve Miley of MarketChartist notes the 1.2520 resistance as firm and keeps the bear bias intact for the EUR/USD pair.

Key Quotes

“Despite a bounce effort from ahead of the 1.2358 cycle low, we again look for 1.2534 to try to halt upside as on Monday, with a stronger cap above at 1.2578.”

“Immediate focus is on 1.2510, and although we see risk for a challenge here, we see the higher levels providing stiffer resistance.”

“We see bias for a roll back lower this week, back to 1.2394 and even to challenge 1.2358.”

“Below here aims for weekly chart targets from 2012 at 1.2295 and 1.2240 through mid-November.”

“Above 1.2510 eases bear risks; through 1.2534 signals a neutral tone, only shifting positive above 1.2578.”

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