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Jan 23 - 04:55 AM

EUR/USD - Chart Shows This Market Could Overshoot Above 1.0500

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

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