By Martin Miller — Jan 23 - 03:20 AM
• EUR/USD failed to sustain last week's break under the 1.0196 Fibo
• 1.0196 Fibo is a 61.8% retrace of the 0.9528 to 1.1276 EBS rise
• That looks like a "bear trap" has formed and that is usually bullish
• A bear trap is set when a market breaks below a tech level but then reverses
• There is scope for bigger gains above the 1.0500 level
• Bears really need a weekly close under the 1.0196 Fibo
• That would pave the way for a drop to parity. EUR/USD Trader
Weekly Chart:
(Martin Miller is a Reuters market analyst. The views expressed are his own)
Source:
London Stock Exchange Group | Thomson Reuters