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Aug 03 - 02:55 AM

EUR/USD's Momentum Still Positive Despite Major Fibo Failure

By Martin Miller  —  Aug 03 - 02:15 AM
  • EUR/USD broke but failed to register a weekly close above the 1.1823 Fibo

  • 1.1823 Fibo is a 61.8% retrace of the 1.2556 to 1.0636 (2018 to 2020) drop

  • Last week's failure could lead to a sell-off this week

  • However, fourteen-week momentum remains positive = market structure bullish

  • We are long at 1.1790 in anticipation for a bullish resumption

  • EUR/USD Trader TGM2334. Previous EUR/USD update nL2N2F209Z

  • Dollar technicals conflict after biggest slump in a decade nL1N2F402U

Weekly Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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