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May 17 - 05:55 AM

EUR/USD - Chart Bullish As Trading Persists Above Daily Cloud

By Martin Miller  —  May 17 - 03:35 AM
  • EUR/USD on Wednesday broke and remained above the daily cloud: bullish

  • The daily cloud now spans the 1.0778-1.0801 region

  • Scope is growing for much bigger gains to retest the key 1.0934 Fibo

  • 1.0934 Fibo is a 61.8% retrace of the 1.1139 to 1.0602 (EBS) drop

  • Fourteen-day momentum is positive, reinforcing the overall upside bias

  • Only a daily close back under the cloud would be negative

  • FX traders can insure against bigger EUR/USD gains nL1N3HJ0SB

  • EUR/USD Trader TGM2334. Previous update nL1N3HJ0I1

Source:
Refinitiv IFR Research/Market Commentary

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