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Jan 31 - 06:55 AM

EUR/USD - Faltered Ahead Of A Major Fibo, A Bigger Setback Likely

By Martin Miller  —  Jan 31 - 04:43 AM

• EUR/USD has faltered ahead of the 1.0573 Fibo, it peaked at 1.0534 on Monday

• 1.0573 Fibo is a 38.2% retrace of the 1.1214-1.0177 (Sept-Jan) EBS drop

• 14-week momentum remains negative, highlighting the overall bearish mkt

• A bigger recovery to the 1.0630 December 2024 high is on hold

• Instead it is increasingly likely we see an extension lower to 1.0177

• EUR/USD Trader

Weekly Chart:


(Martin Miller is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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