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Aug 05 - 03:55 AM

EUR/USD - Chart Bearish, But Close Above A Key Fibo Will Defer

By Martin Miller  —  Aug 05 - 02:30 AM
  • There has been multiple failures above the 1.0271 Fibo: "bull trap"

  • 1.0271 Fibo, a 38.2% retrace of the 1.0787 to 0.9952 (EBS) drop

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

  • Expect a bigger fall to retest the recent 2022 0.9952 low, eventually

  • However, a daily close above 1.0271 Fibo would shift the bias higher

  • We are short at 1.0190 for losses to 1.0005, our stop is above a recent high

  • EUR/USD Trader TGM2334. Previous EUR/USD update nL1N2ZG0DL

Source:
Refinitiv IFR Research/Market Commentary

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