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Jul 29 - 06:55 AM

EUR/USD - Chart Points To Another Collapse Below Parity

By Martin Miller  —  Jul 29 - 04:35 AM
  • EUR/USD's failure last week above the 1.0271 Fibo was a bull trap

  • A bull trap is set when a market breaks above a tech level but then reverses

  • 1.0271 Fibo, a 38.2% retrace of the 1.0787 to 0.9952 (EBS) drop

  • Expect a bigger fall to retest the recent 0.9952 low in coming sessions

  • We are short at 1.0250 for deeper losses in the days ahead

  • A daily close above 1.0271 Fibo needed to shift the bias to the upside

  • EUR/USD Trader TGM2334. Previous EUR/USD update nL1N2Z90FG

Source:
Refinitiv IFR Research/Market Commentary

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