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Apr 28 - 03:55 AM

EUR/USD - Chart Bullish, But Beware Of A Possible Trap

By Martin Miller  —  Apr 28 - 01:56 AM
  • Long lower shadow on Tue's candle reinforcing the underlying bullish chart

  • Overall scope is for eventual gains towards the major 1.2197 Fibo

  • 1.2197 Fibo is a 76.4% retrace of the 1.2349 to 1.1704 2021 (EBS) drop

  • However, bulls should mindful of the failure to close above the 1.2103 Fibo

  • 1.2103 Fibo is 61.8% of the same 1.2349 to 1.1704 drop, possible "bull trap"

  • Bearish USD bets rise as the medium-term chart darkens nL1N2MI0KN

  • EUR/USD Trader TGM2334. Previous update nL1N2MJ2W2

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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