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Nov 02 - 03:55 AM

EUR/USD - Chart Points To An Eventual Collapse

By Martin Miller  —  Nov 02 - 02:50 AM
  • EUR/USD recently failed sustain the break above the 1.0040 Fibo = bull trap

  • 1.0040 Fibo is a 76.4% retrace of the 1.0198 to 0.9528 September (EBS) drop

  • A bull trap is set when a market breaks above a tech level but then reverses

  • Spot remains stuck within daily cloud, that currently spans 0.9826-0.9949

  • Expect bigger EUR/USD losses in coming sessions below the daily cloud base

  • Previous update nL1N31X0G8. EUR/USD Trader TGM2334

Source:
Refinitiv IFR Research/Market Commentary

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