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Nov 08 - 03:55 AM

EUR/USD - Bulls Struggle To Make Headway In Thick Daily Cloud

By Martin Miller  —  Nov 08 - 02:45 AM
  • EUR/USD's biggest rise since July, closed and remains above the 1.0643 Fibo

  • 1.0643 Fibo is a 23.6% retrace of the 1.1276-1.0448 (Jul-Oct) EBS fall

  • 14-day momentum turned positive last week, reinforcing the upside bias

  • However the thick cloud, that spans 1.0628-1.0799 region, limits gains

  • EUR/USD's rise was halted ahead of the 1.0764 Fibo level on Monday

  • Bulls need a close above 1.0764 Fibo, 38.2% of the same 1.1276-1.0448 drop

  • EUR/USD Trader TGM2334. Long at 1.0670. Previous update nL1N3C80N7

Source:
Refinitiv IFR Research/Market Commentary

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