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Apr 01 - 02:55 AM

EUR/USD's Bearish Engulfing Pattern Points To A Bigger Slump

By Martin Miller  —  Apr 01 - 02:25 AM
  • Bearish engulfing pattern has formed on the EUR/USD daily chart on Wed, Thu

  • A smaller, white-bodied candle contained by a following larger black one

  • That is usually a sign that the market is set to tumble

  • Note also that a bull trap occurred above 1.1151 Fibo, this is also negative

  • A bull trap is set when a mkt breaks above a tech level but then reverses

  • 1.1151 Fibo is a 50% retrace of the 1.1495 to 1.0806 (Feb to Mar) EBS drop

  • Looking to fade at 1.1120. EUR/USD Trader TGM2334 Previous nL2N2VY0DO

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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