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Oct 14 - 04:55 AM

EUR/USD - One Tech Reason Why EUR/USD Could Fall, Two Why It Might Climb

By Martin Miller  —  Oct 14 - 03:05 AM
  • EUR/USD trading below the cloud, now spanning 1.0943-1.1073, very bearish

  • However, FX traders beware of the long-legged doji on last Thursday's candle

  • Thursday's candle formation warns of a possible downside rejection

  • Also the market failed, on Thursday, to close under the broken 1.0908 Fibo

  • 1.0908 Fibo is a 50% retrace of the 1.0602-1.1214 (Apr-Sept) EBS rise

  • Bear trap set when a market breaks below a tech level reverses

  • On balance we remain bearish overall. Trader TGM2334 Previous nL1N3LM09G

Source:
Refinitiv IFR Research/Market Commentary

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