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Mar 21 - 04:55 AM

EUR/USD - Chart Highlights This Week's Downside Risk

By Martin Miller  —  Mar 21 - 03:40 AM
  • EUR/USD last week faltered ahead of the major 1.1151 Fibo

  • 1.1151 Fibo is a 50% retrace of the 1.1495 to 1.0806 2022 (EBS) drop

  • Friday saw a daily close under 1.1059 Fibo, weakening the market structure

  • 1.1059 Fibo is a 23.6% retrace of the 1.0806 to 1.1137 March recovery

  • Scope is for further losses to the 1.0972 Fibo, 50% of the same gain

  • 14-day momentum is negative, reinforcing the overall bearish bias

  • Stand aside for now. EUR/USD Trader TGM2334 Previous update nL2N2VL0JI

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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