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Sep 05 - 05:55 AM

EUR/USD - Chart Shows Bears Are Likely Trapped, Expect Gains

By Martin Miller  —  Sep 05 - 04:00 AM
  • EUR/USD found support at 1.1026, on Tuesday, before rebounding

  • Scope is for bigger gains in coming sessions to 1.1114 Fibo

  • 1.1114 Fibo is a 50% retrace of the 1.1201-1.1026 (Aug-Sept) EBS fall

  • Spot failed under the 1.1060 Fibo in two of last four trading sessions

  • 1.1060 Fibo, is a 23.6% retrace of the 1.0602-1.1201 (April-August) EBS rise

  • A bear trap has likely formed: mkt brks below a tech level but then reverses

  • EUR/USD Trader TGM2334. Previous update nL1N3KM07R

Source:
Refinitiv IFR Research/Market Commentary

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