• EUR/USD, last week, was capped by the major 1.0957 Fibonacci level

• 1.0957 Fibo is 76.4% of the 1.1214 to 1.0125 (Sept to Feb) EBS drop

• Risk of a much bigger drop, especially as there was a close sub 1.0759 Fibo

• 1.0759 Fibo is a 23.6% retrace of 1.0125 to 1.0955 (Feb to Mar) rise, Wed

• EUR/USD Trader . Previous update

• FX traders can insure against a deeper EUR/USD drop

Daily Chart:


Weekly Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)