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Nov 01 - 04:55 AM

EUR/USD's Biggest Drop Since June, "bull Trap", Very Bearish

By Martin Miller  —  Nov 01 - 03:22 AM
  • EUR/USD dropped 120 pips on Friday, the biggest one-day drop since June

  • Leaving a "bull trap" above the key 1.1670 Fibonacci level

  • 1.1670 Fibo: 38.2% retrace of the 1.1909 to 1.1522 (Sept to Oct) EBS fall

  • Bull trap: set when a market breaks above a level but subsequently reverses

  • Scope for a drop below 1.1522 2021 low, posted Oct 12

  • EUR/USD Trader TGM2334. Previous update nL1N2RP0H8

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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