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Jan 24 - 04:55 AM

EUR/USD's Positive Momentum Points To A Big Break Higher

By Martin Miller  —  Jan 24 - 02:35 AM
  • EUR/USD's scope is for an eventual big break above a major 1.0939 Fibo

  • 1.0939 Fibo is a 50% retrace of the 1.2349 to 0.9528 (2021 to 2022) EBS drop

  • Fourteen-week momentum remains positive, reinforcing the overall bull market

  • We are long at 1.0805 for a raised 1.1020 target, while stop is now at cost

  • Caution is advised, however, due to Monday's candle large upper shadow

  • A large upper shadow is usually a sign that the upside is being rejected

  • Dollar hangs by a thread nL1N3470FT. Trader TGM2334. Prev nL1N34809A

Source:
Refinitiv IFR Research/Market Commentary

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