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Apr 06 - 04:55 AM

EUR/USD - "bear Trap" Could See A Bigger Squeeze Higher

By Martin Miller  —  Apr 06 - 03:13 AM
  • EUR/USD recovered to break and close above the tenkan line, now at 1.1766

  • The overcoming of the tenkan line is putting pressure back on the upside

  • Upside bias reinforced by Mon's close back above 1.1778 Fibo, a "bear trap"

  • A bear trap is set when a market closes below a tech level but then reverses

  • 1.1778 Fibo is a 76.4% retrace of the 1.1602 to 1.2349 (Nov to Jan) EBS rise

  • Our 1.1775 short is now under pressure, but Mar 24 1.1854 high protects stop

  • EUR/USD Trader TGM2334 Previous update nL1N2LU0DP

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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