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Oct 10 - 03:55 AM

EUR/USD - Will Likely Collapse Below A Key Fibo Level

By Martin Miller  —  Oct 10 - 02:20 AM
  • EUR/USD failed to sustain a break above the 0.9942 Fibo, last week

  • 0.9942 Fibo is a 61.8% retrace of the 1.0198 to 0.9528 (EBS) drop

  • That failure sets up a bull trap: mkt breaks above a tech and then reverses

  • Scope grows for a drop through 0.9708 Fibo, 61.8% of the 0.9528-0.9999 rise

  • We are short at 0.9738 for losses to 0.9595, meanwhile our stop is at 0.9795

  • EUR/USD Trader TGM2334. Previous update nL1N3172Y6

  • The market believes dollar has much more upside nL1N3180JV

Source:
Refinitiv IFR Research/Market Commentary

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