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May 16 - 05:55 AM

EUR/USD's Big Rise Increases Likelihood For A 1.0934 Fibo Test

By Martin Miller  —  May 16 - 03:45 AM
  • EUR/USD on Wednesday broke and remained above the daily cloud, very bullish

  • The Ichimoku cloud currently spans the 1.0816-1.0838 region

  • The scope is growing for much bigger gains to retest the key 1.0934 Fibo

  • 1.0934 Fibo is a 61.8% retrace of the 1.1139 to 1.0602 (EBS) drop

  • Fourteen-day momentum is positive, reinforcing the overall upside bias

  • Only a daily close back under the cloud would be negative

  • EUR/USD Trader TGM2334. Previous update nL1N3HI0HN

Source:
Refinitiv IFR Research/Market Commentary

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