EURUSD topping structure leaves setback risk towards 1.3555 and 1.3495
· A head fake rally and setback Tuesday, as we have continued to flag, stalling at and capped by firm topping barriers at 1.3680/85.
· Whilst below here, we see the 2014 top as very much intact after the late Jan push through the 1.3508 swing low.
· We now look for a roll back lower to the bounce range from ahead of 1.3680/85 to modest props at 1.3555 and 1.3495.
· However, we still see bear risk to 1.3400 through mid-Feb
· Overshoot risk for Feb is still the 50% retrace and key Q4 swing low 1.3325/ 1.3295.
WHAT CHANGES THIS?
· Above 1.3685 eases bear risks; through 1.3775 signals a neutral tone, only shifting positive above 1.3820.
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