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May 20 - 04:55 AM

EUR/USD - Could Fly As It Remains Above The Broken Daily Cloud

By Martin Miller  —  May 20 - 02:45 AM
  • EUR/USD last week broke and remained above the daily cloud: bullish

  • The daily cloud now spans the 1.0772-1.0800 region

  • Scope is growing for much bigger gains to retest the key 1.0934 Fibo

  • 1.0934 Fibo is a 61.8% retrace of the 1.1139 to 1.0602 (EBS) drop

  • Fourteen-day momentum is positive, reinforcing the overall upside bias

  • Only a daily close back under the Ichimoku cloud would be negative

  • EUR/USD Trader TGM2334. Previous update nL1N3HK0H1

Source:
Refinitiv IFR Research/Market Commentary

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