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Feb 29 - 04:55 AM

EUR/USD - Chart Shows Spot Could Soar In The Next Two Sessions

By Martin Miller  —  Feb 29 - 03:15 AM
  • EUR/USD daily "cloud twist", circa 1.0930 this Friday, could see spot rise

  • Recently spot failed under the 1.0712 Fibo, setting up a "bear trap"

  • 1.0712 Fibo is a 61.8% retrace of the 1.0448-1.1139 (Oct to Dec) EBS rise

  • Bear trap: when spot breaks below a tech level but reverses and is bullish

  • A big upper shadow on last Thursday's candle is an upside rejection

  • However, Wednesday's lower shadow hints at a downside rejection

  • EUR/USD Trader TGM2334. Previous update nL2N3FD0P2

Source:
Refinitiv IFR Research/Market Commentary

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