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May 05 - 03:55 AM

EUR/USD - Chart Downside Risk Grows

By Martin Miller  —  May 05 - 02:23 AM
  • EUR/USD at risk of a deeper dive into the cloud that now spans 1.1900-1.1974

  • Spot recently failed above the 1.2103 Fibonacci level, leaving a "bull trap"

  • 1.2103 Fibo is a 61.8% retrace of the 1.2349 to 1.1704 2021 (EBS) drop

  • Bull trap is when a mkt breaks above a tech level but subsequently reverses

  • Friday's 2nd biggest daily fall of 2021, closing down 94 pips = bearish

  • USD usually gains in May, the U.S. economy could be key nL1N2MR0H9

  • EUR/USD Trader TGM2334. Previous update nL1N2MR0AZ

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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