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May 03 - 02:55 AM

EUR/USD - Bears Should Beware Momentum Has Shifted To Positive

By Martin Miller  —  May 03 - 01:40 AM
  • EUR/USD's failure, in April, under the 1.0611 Fibo led to a recovery moves

  • 1.0611 Fibo is a 76.4% retrace of the 1.0448-1.1139 (Oct-Dec) EBS rise

  • The negative alignment of the tenkan and kijun lines still points to a drop

  • We are short at 1.0725 for a slump to our 1.0525 target

  • However, 14-day momentum turned positive on Thursday, highlights upside risk

  • EUR/USD Trader TGM2334. Previous update nL1N3H50HG

Source:
Refinitiv IFR Research/Market Commentary

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