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May 18 - 05:55 AM

EUR/USD - A EUR/USD "Bull Trap" Could Be Developing On The Daily Chart

By Martin Miller  —  May 18 - 03:45 AM
  • EUR/USD's recovered to see a daily close on Tuesday above the 1.0546 Fibo

  • 1.0546 Fibo is a 23.6% retrace of the 1.1185 to 1.0349 recent drop

  • Another close above this Fibo needed on Wed to avert the risk of a bull trap

  • Bull trap: set when a market breaks above a tech level but quickly reverses

  • For now the outlook for EUR/USD in the near-term is quite mixed

  • This could be a good time to hedge against a EUR/USD dive nL2N2X90OH

  • EUR/USD Trader TGM2334. Previous nL2N2X90N8

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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