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Jul 24 - 03:48 AM
EUR/USD's Big Drop Closes Under Key Fibo, 2019 Low Beckons
First appeared on eFXplus on Jul 24 - 02:05 AM
  • EUR/USD saw a big drop on Mon to see a daily close below key 1.1178 Fibo
  • 1.1178 Fibo is a 76.4% retrace of the 1.1106 to 1.1412 (May to June) rise
  • That is a very negative sign. Puts the overall bias squarely on the downside
  • The 2019 1.1106 low is coming into view and is vulnerable for a retest
  • Negative alignment of tenkan and kijun lines adds to the bearish bias
  • Relapsed Friday to close under the daily cloud base

EUR/USD Trader:

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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