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Nov 19 - 02:55 AM

EUR/USD - Chart Pointing To A Bigger Near-Term Recovery

By Martin Miller  —  Nov 19 - 02:06 AM
  • EUR/USD left a "bear trap" under the 1.1290 Fibo on Wednesday

  • Market broke under 1.1290 Fibo but quickly reversed, failed close to below

  • 1.1290 Fibo is a 61.8% retrace of the 1.0636 to 1.2349 (2020 to 2021) rise

  • Wed's candle doji left a long lower shadow: hints at a downside rejection

  • Doji formed when price closes near where it opened and indicates indecision

  • We are long at 1.1320 for 1.1450, while our stop has been raised to cost

  • EUR/USD Trader TGM2334. Previous update nL1N2S90JM

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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