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Thomson Reuters
Nov 05 - 05:00 AM
EUR/USD's "bull Trap" Means The Downside Risk Grows
First appeared on eFXplus on Nov 05 - 03:05 AM
  • Long upper shadow on Fri's candle highlights an attempt to reject the upside
  • Fri's "bull trap" above the 1.1423 Fibo adds to the negative outlook
  • Spot broke well above 1.1423 Fibo Fri, but failed to register a close above
  • 1.1423 Fibo is 23.6% retrace of the 1.1815 to 1.1302 (Sept to Oct) fall
  • We remain short at 1.1415 in anticipation for losses to our 1.1310 target
  • Meanwhile our stop remains above Friday's 1.1456 high. Previous

EUR/USD Trader:

Daily Fibo Chart: Click here

Source:
Thomson Reuters IFR Markets

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