• Spot reached its highest lvls in more than 5 months, 1.0955 hit last week

• However spot was capped by the major 1.0957 Fibo, has since faltered

• 1.0957 Fibo, a 76.4% retrace of the 1.1214 to 1.0125 (Sept to Feb) EBS drop

• That increases the risk that the euro could be set for a much bigger relapse

• Those that are bearish should be mindful that 14-week momentum is positive

• We remain short at 1.0890. EUR/USD Trader . Update

Weekly Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)