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Nov 04 - 02:55 AM

EUR/USD - Bulls Path Blocked By Daily Cloud Resistance: Bearish

By Martin Miller  —  Nov 04 - 02:00 AM
  • EUR/USD volatile Wednesday, but the overall bias remains on the downside

  • Last Thursday EUR/USD saw biggest one-day drop in over a month

  • That drop put it under the daily cloud, that now spans 1.1718-1.1778 region

  • The cloud has limited Wednesday's recovery move, the high has been 1.1770

  • We are short at 1.1710, odds for a deeper drop to the 1.1591 Fibo

  • 1.1591 Fibo, a 50% retrace of the 1.1169 to 1.2014 (June to September) rise

  • EUR/USD Trader TGM2334. Previous update nL1N2HP0G1

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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