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Oct 31 - 03:55 AM

EUR/USD - Bulls Really Need A Daily Close Above The Cloud

By Martin Miller  —  Oct 31 - 03:15 AM
  • EUR/USD failed to sustain the recent break above 1.0040 Fibo = "bull trap"

  • 1.0040 Fibo, a 76.4% retrace of the 1.0198 to 0.9528 September (EBS) drop

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

  • If there is a daily close above the cloud, that would point to a recovery

  • The daily cloud is currently spans the 0.9826-0.9949 region

  • Previous update nL1N31T0GZ. EUR/USD Trader TGM2334

Source:
Refinitiv IFR Research/Market Commentary

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