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Oct 25 - 08:55 AM

EUR/GBP "Bull Trap" Bearish, EUR/USD And GBP/USD Negative

By Martin Miller  —  Oct 25 - 06:35 AM
  • EUR/GBP "bull trap" above 30-DMA, now at 0.8764, is a bearish sign

  • A bull trap set when a market breaks above a tech level but quickly reverses

  • Expect a drop to retest to probe Oct 0.8580 low, a brk below will accelerate

  • The 10 and 30 DMAs are negative aligned, adding to the downside bias

  • Don't be fooled by EUR/USD, the daily chart is negative nL1N31Q0HF

  • There are negative signs on the GBP/USD chart nL1N31Q0LS

  • EUR/GBP Trading Page TGM2343 Previous nL1N31P0J3

Source:
Refinitiv IFR Research/Market Commentary

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