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Oct 06 - 04:55 AM

EUR/USD - Chart Throws Up Conflicting Signals: Outlook Mixed

By Martin Miller  —  Oct 06 - 02:50 AM
  • The outlook for EUR/USD is mixed, though USD's near-term weakness could prop

  • Spot registered a daily close above 0.9942 Fibo Tuesday, reversed Wednesday

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

  • Failure could be a bull trap: a mkt breaks above a level but then reverses

  • However, EUR/USD's setback has so far remained above Tuesday's 0.9807 low

  • EUR/USD Trader TGM2334. Previous update nL1N3160CG

  • Dollar's biggest drop in over 2 years darkens its outlook nL1N3160H2

Source:
Refinitiv IFR Research/Market Commentary

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