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Mar 29 - 06:55 AM

EUR/USD - FX Traders Beware Multiple Bear Traps On The EUR/USD Chart

By Martin Miller  —  Mar 29 - 04:35 AM
  • EUR/USD failed to close under the 1.0972 Fibo four times in recent days

  • A bear trap is set when a market breaks below a level but quickly reverses

  • Failed to close under 1.0972 Fibo on Tues, Wed, Thu last week and this Mon

  • 1.0972 Fibo is a 50% retrace of the 1.0806 to 1.1137 March rise

  • A bear trap is usually is a prelude to decent gains

  • Bears should also beware fourteen-day momentum has been positive recently

  • Stand aside for now. EUR/USD Trader TGM2334 Previous update nL2N2VV0EP

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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