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Feb 06 - 03:55 AM

EUR/USD - Chart Shows Scope For A Slump To Test A Major Fibo

By Martin Miller  —  Feb 06 - 02:20 AM
  • EUR/USD recently closed under the 1.0794 Fibo, unmasking the 1.0712 Fibo

  • 1.0794/1.0712 Fibos, a 50%/61.8% retrace of 1.0448-1.1139 (Oct-Dec) EBS gain

  • 14-day momentum remains negative, the overall bearish market structure

  • We are short at 1.0850, trailing stop is at 1.0820, stop above tenkan line

  • The tenkan line, the midpoint of the last nine trading session, is at 1.0813

  • EUR/USD Trader TGM2334. Previous update nL1N3EQ0N3

  • Dollar gains see shorts run for the hills nL1N3EQ0UM

Source:
Refinitiv IFR Research/Market Commentary

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