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Oct 12 - 02:55 AM

EUR/USD - Closes Twice In A Row Below A Key Fibo: Very Bearish

By Martin Miller  —  Oct 12 - 02:00 AM
  • EUR/USD has seen two daily closes in a row under the 0.9708 Fibo

  • 0.9708 Fibo is a 61.8% retrace of the 0.9528-0.9999 (Sept-Oct) rise

  • That increases the odds of a collapse to retest 0.9639 Fibo

  • 0.9639 Fibo, a 76.4% retrace of the same 0.9528-0.9999 gain

  • We are short at 0.9738 for losses to 0.9595, meanwhile our stop is at 0.9775

  • Trader TGM2334. Previous update nL1N31C0D0. Dollar nL1N31B0DT

Source:
Refinitiv IFR Research/Market Commentary

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