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Sep 27 - 02:55 AM

EUR/USD - "bull Traps" Above A Key Fibo Adds To The Bearish Bias

By Martin Miller  —  Sep 27 - 02:14 AM
  • EUR/USD's recovery moves have left potential bull traps above 1.1737 Fibo

  • Bull trap is set when a market breaks above a tech level but then reverses

  • Bulls need a close above 1.1737 Fibo, 23.6% retrace of 1.1909 to 1.1684 drop

  • Until then the scope is for all losses towards the 2021 1.1664 low

  • Market remains offered while under the daily cloud that spans 1.1760-1.1929

  • Break and daily close below the 1.1664 low would adds to the bearish bias

  • EUR/USD Trader TGM2334. Previous update nL1N2QQ0CL

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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