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Feb 07 - 07:55 AM

EUR/USD - COMMENT-Things Are Not Looking Great For EUR/USD

By Martin Miller  —  Feb 07 - 06:15 AM

EUR/USD is increasingly looking fragile due to a combination of fundamental and technical factors.
FX traders should brace for bigger falls in coming sessions.

The dollar soared against the euro after as last week's blockbuster U.S. jobs report raised the likelihood of the U.S. Federal Reserve keeping on with its inflation-fighting interest rate hikes for longer.

EUR/USD's three black crows pattern -- three long black candlesticks with consecutively lower closes -- is a ominous sign that points to a likely bigger reversal lower.
Especially as fourteen-day momentum remains negative, reinforcing the overall bearish market.

The risk grows for a much bigger drop to the focus on the 1.0679 Fibo, a 23.6% retracement level of the 0.9528 to 1.1034 (September to January) EBS rise, a break and daily close below will accelerate further into the thick daily cloud that spans 1.0234-1.0565 region.

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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