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Aug 14 - 06:12 AM
EUR/USD - Downside Risk Grows After 6 Failures Above Key Fibo
First appeared on eFXplus on Aug 14 - 03:55 AM
  • Broke but failed, six days in a row to register a close above 1.1220 Fibo
  • 1.1220 is a 50% of the 1.1412 to 1.1027 (June to August) drop
  • These multiple failures keep the overall bias squarely on the downside
  • Bears target the key 1.1112 Fibo, a 61.8% of the 1.1027 to 1.1249 rise
  • We remain short at 1.1215 in anticipation of a much deeper drop
  • Previous update . USD longs lighten load

EUR/USD Trader:

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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