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Jan 17 - 05:55 AM

EUR/USD - Closed Under A Major Fibo, But Beware Cloud Support

By Martin Miller  —  Jan 17 - 03:45 AM
  • EUR/USD on Tuesday broke and closed under the 1.0875 Fibo, a bearish sign

  • 1.0875 Fibo is a 38.2% retrace of the 1.0448-1.1139 (Oct-Dec) EBS rise

  • 14-day momentum reading remains negative, reinforcing the bearish outlook

  • We are looking to get short at 1.0945, ahead of Tuesday's 1.0948 peak

  • Bears should beware the thick daily cloud spans the 1.0733-1.0827 region

  • EUR/USD Trader TGM2334. Previous update nL1N3E60IS

Source:
Refinitiv IFR Research/Market Commentary

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