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Jun 13 - 02:55 AM

EUR/USD - Chart Shows The Market Collapse Will Likely Worsen

By Martin Miller  —  Jun 13 - 02:00 AM
  • EUR/USD's big two day slump broke and closed under the 1.0516 Fibo on Friday

  • 1.0516 Fibo is a 61.8% retrace of the 1.0349 to 1.0787 May (EBS) rise

  • That is increasing the scope for a much bigger slide well under 1.0452 Fibo

  • 1.0452 Fibo is a 76.4% retrace of the same gain

  • Fourteen-day momentum also turned negative on Friday = bearish outlook

  • We are short at 1.0735 for a lowered 1.0410 target, profit stop is at 1.0545

  • EUR/USD Trader TGM2334. Previous EUR/USD update nL1N2XX1DC

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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