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Nov 02 - 03:55 AM

EUR/USD - Chart Darkens, Scope Grows For A Drop Under 2021 Low

By Martin Miller  —  Nov 02 - 02:33 AM
  • EUR/USD dropped 120 pips on Friday, the biggest one-day drop since June

  • That left a "bull trap" above the key 1.1670 Fibo, which is very bearish

  • 1.1670 Fibo is a 38.2% retrace of the 1.1909 to 1.1522 (Sept to Oct) drop

  • Bull trap is set when a market breaks above a level but then reverses

  • Scope is for a drop below the 1.1522 2021 low, posted on Oct 12

  • EUR/USD Trader TGM2334. Previous update nL1N2RS0D0

  • Multiple factors could fuel dollar demand this week nL1N2RS0NM

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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