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Oct 05 - 06:55 AM

EUR/USD - Mathematics Are Dictating The EUR/USD Action

By Jeremy Boulton  —  Oct 05 - 04:40 AM
  • EUR/USD broke base long-held 1.16-1.19 range but little follow through

  • Pair unable to sustain weakness below base 20-day Bollinger bands, 1.1554

  • Rebound from 1.1563 to 1.1640 almost reached target for minor correction

  • A 23.6% retracement of 1.1909-1.1563 drop is 1.1645, 38.2% 1.1695

  • Bollinger bands are falling steeply which will allow for deeper drop

  • Position adjustment ahead NFPs may lift pair further before that drop

  • Sep 3 NFP release peak was 1.1909, 1.1695 is a reasonable correction target

  • Drop may end near Nov's monthly cloud twist (magnet) 1.1450-80 nL1N2PP0K5




EURUSD Click here

Monthly EURUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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