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Mar 02 - 02:55 AM

EUR/USD's Close Under The Daily Cloud A Very Negative Sign

By Martin Miller  —  Mar 02 - 02:07 AM
  • Mon's close under the broken cloud, which spans 1.2074-1.2162, negative sign

  • EUR/USD suffered a setback after a large upper shadow on Thur's candle

  • Dropped a whopping 107 pips Fri -- the biggest one-day fall since April 2020

  • A large upper shadow on a daily candle signifies an upside rejection

  • Thursday also saw the market fail above 1.2197 Fibonacci level = bull trap

  • 1.2197 Fibo is a 61.8% retrace of the 1.2349 to 1.1952 (Jan to Feb)

  • EUR/USD Trader TGM2334 Previous update nL2N2KY0NA

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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