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Sep 12 - 03:55 AM

EUR/USD - FX Traders Should Beware Of A Possible EUR/USD "Bull Trap"

By Martin Miller  —  Sep 12 - 02:25 AM
  • EUR/USD rebound has knocked out our 1.0130 stop, the very top of the market

  • 1.0117 Fibo, 50% of the 1.0369 to 0.9864 (Aug to Sept) EBS drop, broken

  • But a failure to etch a close above 1.0117 Fibo, would lead to a bull trap

  • Bull trap is set when a mkt breaks above a level but then reverses: bearish

  • EUR/USD outlook is in the balance. Insure against a relapse nL1N30G0IA

  • EUR/USD Trader TGM2334. Previous update nL1N30G0D3

Source:
Refinitiv IFR Research/Market Commentary

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