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Dec 04 - 04:55 AM

EUR/USD - A EUR/USD Weekly Close Above Long-Term Fibo Would Be Bullish

By Martin Miller  —  Dec 04 - 02:50 AM
  • EUR/USD registered the second biggest daily gain of 2020 on Tuesday

  • Wednesday it broke above the 1.2103 long-term Fibonacci level

  • 1.2103 Fibo is a 76.4% retrace of the 1.2556 to 1.0636 (2018 to 2020) drop

  • A weekly close above the 1.2103 Fibo would increase odds for bigger gains

  • Fourteen-week momentum remains positive, four weeks in a row = bullish

  • We are looking to get long on dips to 1.2010

  • EUR/USD Trader TGM2334. Previous update nL1N2IJ0DX

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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