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May 12 - 03:55 AM

EUR/USD's Two Upper Shadows Are A Dangerous Sign For Bulls

By Martin Miller  —  May 12 - 02:05 AM
  • EUR/USD's outlook is mixed, bulls should tread carefully

  • On Friday spot registered the biggest daily gain since December 2020

  • There was a weekly close above 1.2103, 61.8% of 1.2349-1.1704 2021 drop

  • That unmasked the 1.2197 Fibo, 76.4% retrace of same 1.2349 to 1.1704 drop

  • However long upper shadow on Mon, Tues candles hint at an upside rejection

  • EUR/USD Trader TGM2334. Previous update nL1N2MX2AS

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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