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Nov 03 - 03:55 AM

EUR/USD's Large Upper Candle Shadow, Bull Trap, Very Bearish

By Martin Miller  —  Nov 03 - 02:45 AM
  • EUR/USD's large upper shadow on Wed's candle, highlights upside rejection

  • Bull trap after three failures above the cloud, that spans 0.9826-0.9949

  • A bull trap is set when a mkt breaks above a tech level but quickly reverses

  • Wed's close under cloud base adds to the risk of big drops to Oct 0.9705 low

  • Previous update nL1N31Y0FS. EUR/USD Trader TGM2334

Source:
Refinitiv IFR Research/Market Commentary

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