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Nov 25 - 04:55 AM

EUR/USD's Failure Under A Major 50% Fibo Could Be Of Concern

By Martin Miller  —  Nov 25 - 02:55 AM
  • We are now short at 1.0500 with expectations of a bearish resumption

  • Cautious, however, due to last week's failure under the major 1.0402 Fibo

  • 1.0402 Fibo is a 50% retrace of the 0.9528 to 1.1276 (2022 to 2023) EBS rise

  • A possible "bear trap" as market broke below a tech level but then reverses

  • Despite that failure the 14-week momentum remains negative = spot bearish

  • EUR/USD Trader TGM2334. Previous update nL1N3MS18H

Source:
Refinitiv IFR Research/Market Commentary

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