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Aug 05 - 02:55 AM

EUR/USD's Recent Upper Candlestick Shadows Are Very Bearish

By Martin Miller  —  Aug 05 - 02:07 AM
  • EUR/USD has repeatedly failed to register a daily above the 1.1873 Fibo

  • 1.1873 Fibo is a 23.6% retrace of the 1.2266 to 1.1752 (May to July) fall

  • EUR/USD left large upper shadows on recent daily candlestick lines

  • A large upper shadow hints at a rejection of the upside

  • However 14-day momentum positive, meaning substantial lingering upside risk

  • EUR/USD Trader TGM2334. Previous update nL1N2PB0CM

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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