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May 11 - 04:55 AM

EUR/USD - Traders Beware For A Slump, Daily Chart Very Bearish

By Martin Miller  —  May 11 - 02:45 AM
  • EUR/USD's bear cycle from the March 31 1.1185 high looks set to resume

  • The downside bias is intact as 14-day momentum is negative = bearish

  • Expectation is for an eventual retest of the 2017 1.0340 low

  • Though the recent 2022 1.0470 (EBS) low could limit the downside near-term

  • We have placed a sell order at 1.0630, ahead of last Thursday's 1.0642 high

  • FX traders can protect against a bigger EUR/USD drop nL2N2X20LN

  • EUR/USD Trader TGM2334. Previous nL2N2X20CL

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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