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Thomson Reuters
May 29 - 05:00 AM
EUR/USD - Weak After Closes Sub 30-DMA, Biggest Drop In Over A Month
First appeared on eFXplus on May 29 - 03:10 AM
  • Bearish having closed below 30-DMA, now at 1.1191, for two days in a row
  • Negative outlook compounded by Tuesday's biggest daily drop since April 24
  • Also weak due to the recent faltering at the 1.1215 Fibonacci level
  • 1.1215 Fibo is a 23.6% retrace of the 1.1570 to 1.1106 (2019) drop
  • While 1.1215 Fibo remains intact, that keeps the bias on the downside
  • EUR/USD downside risk grows as a key Fibo blocks the upside

EUR/USD Trader:

Daily Fibo Chart: Click here

Source:
Thomson Reuters IFR Markets

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