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Thomson Reuters
May 09 - 06:12 AM
EUR/USD - Bears Eye Key Fibo, Below May Cause Bigger Collapse
First appeared on eFXplus on May 09 - 03:50 AM
  • EUR/USD bias remains on the downside, the scope for the key 1.1790 Fibo
  • 1.1790 Fibo level -- 76.4% retrace of the 1.1553 to 1.2556 gain
  • Below will unmask the 1.1709 Fibo - 38.2% of the wider 1.0340-1.2556 rise
  • Fourteen-week momentum remains negative, reinforcing the negative outlook
  • We remain short at 1.1970 for our adjusted 1.1730 objective
  • Trailing stop has been lowered to 1.1875, which above today's session high

EUR/USD Trader:

Weekly Fibo Chart: Click here

Source:
Thomson Reuters IFR Markets

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