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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.”

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