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Aug 01 - 02:55 AM

EUR/USD - Chart Points To Deeper Losses In The Days Ahead

By Martin Miller  —  Aug 01 - 02:25 AM
  • The week before last, EUR/USD failed above the 1.0271 Fibo: a "bull trap"

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

  • Bull trap set when a market breaks above a tech level but then reverses

  • Expect a bigger fall to retest the recent 2022 0.9952 low, eventually

  • 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 nL1N2ZA0KC

Source:
Refinitiv IFR Research/Market Commentary

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