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Oct 07 - 03:55 AM

EUR/USD's Recent "Bull Trap" Is A Very Negative Development

By Martin Miller  —  Oct 07 - 02:05 AM
  • EUR/USD, on Tuesday, registered a daily close above the 0.9942 Fibo

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

  • The market relapsed on Wednesday, failing to close above 0.9942 level again

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

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

  • We are looking to get short on recovery moves. Offer at 0.9900

  • EUR/USD Trader TGM2334. Previous update nL1N3170BZ

Source:
Refinitiv IFR Research/Market Commentary

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