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Apr 29 - 05:55 AM

EUR/USD - Recovery Will Likely Be Capped By Key Fibo Supply

By Martin Miller  —  Apr 29 - 03:40 AM
  • EUR/USD to slump as factors combine into a toxic mix nL2N2WQ0UW

  • The downside bias remains intact, fourteen-day momentum remains negative

  • Expectation is for an eventual retest of the 2017 1.0340 low

  • We are looking to get short at 1.0630, which is ahead of the 1.0639 Fibo

  • 1.0639 Fibo is a 23.6% retrace of the 1.1185 to 1.0470 (EBS) fall

  • Only a daily close above the tenkan line, at 1.0703, will defer

  • EUR/USD Trader TGM2334. Previous nL2N2WQ0NY

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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