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Dec 07 - 04:55 AM

EUR/USD - Chart Shows A Potential "Bull Trap" Developing

By Martin Miller  —  Dec 07 - 02:40 AM
  • EUR/USD has slipped under 1.0453 Fibo, a daily close below would be bearish

  • 1.0453 Fibo is a 38.2% retrace of the 1.0223 to 1.0595 rise

  • That would increase the odds of a bigger drop through the 1.0409 Fibo

  • 1.0409 Fibo is a 50% retrace of the same 1.0223 to 1.0595 gain

  • It sees last week's close above the 1.0512 Fibo is a potential "bull trap"

  • 1.0512 Fibo is a 50% retrace of 1.1495 to 0.9528 (Feb to Sept) EBS drop

  • EUR/USD Trader TGM2334. Previous update nL1N32W0FW

Source:
Refinitiv IFR Research/Market Commentary

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