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May 20 - 03:55 AM

EUR/USD - Escapes "Bull Trap", Upside Potential Growing

By Martin Miller  —  May 20 - 03:10 AM
  • Thursday's daily close above 1.0546 Fibo has negated the recent "bull trap"

  • 1.0546 Fibo is a 23.6% retrace of the 1.1185 to 1.0349 recent drop

  • 14-day momentum turned positive, reinforcing the shift in risk to the upside

  • The kijun line at 1.0643 -- midpoint of last 26 days -- could be a hurdle

  • We are short at 1.0555 for losses, our stop is above the kijun line

  • A break above the kijun line would likely unlock further gains

  • EUR/USD Trader TGM2334. Previous bullets on "bull trap" nL2N2XB0CU

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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