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Jun 24 - 02:55 AM

EUR/USD - Set For A Slump, But Beware Of The Looming Cloud Twist

By Martin Miller  —  Jun 24 - 02:25 AM
  • EUR/USD recently failed well ahead of the 1.0763 Fibonacci level

  • 1.0763 Fibo is a 38.2% retrace of the 1.0916 to 1.0668 (June) drop

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

  • We are short at 1.0760 for a slump to the 2023 1.0602 (EBS) low

  • However, bears should be mindful of the cloud twist above 1.0780 Wednesday

  • Daily cloud twists usually act like a magnet as they draw closer

  • EUR/USD Trader TGM2334. Previous update nL1N3IJ076

Source:
Refinitiv IFR Research/Market Commentary

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