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Feb 02 - 04:55 AM

EUR/USD - Failure Under Two Broken Fibos Points To A Bear Trap

By Martin Miller  —  Feb 02 - 03:10 AM
  • Failed under 1.0822 Fibo, a 76.4% retrace of the 1.0724-1.1139 Dec EBS rise

  • Also failed under 1.0794 Fibo, a 50% retrace of 1.0448-1.1139 (Oct-Dec) gain

  • A bear trap is set when a market breaks below a tech level but then reverses

  • Bear trap is usually bullish, but upside likely limited by cloud resistance

  • Daily cloud now spans the 1.0828-1.0980 region. We are short at 1.0850

  • EUR/USD Trader TGM2334. Previous update nL1N3EM0OY. More nL1N3EL3Q3

Source:
Refinitiv IFR Research/Market Commentary

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