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Oct 06 - 02:55 AM

EUR/USD - Upside Limited, Scope For A Dive Through A Key Fibo

By Martin Miller  —  Oct 06 - 01:53 AM
  • Our expectation is that near-term recovery attempts will likely be limited

  • Overall scope is for a bearish resumption to the 1.1493 Fibonacci level

  • 1.1493 Fibo is a 50% retrace of the 1.0636 to 1.2349 (2020 to 2021) rise

  • Tenkan and kijun lines are negatively aligned, reinforcing the bearish bias

  • Bulls need a daily close above the tenkan line now at 1.1655

  • EUR/USD Trader TGM2334. Previous update nL1N2R1090

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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