EUR/USD Price Analysis: Downside thesis gaining traction, bears hunting down 1.0770s that guard 1.0750 EURUSD Technical Analysis
A downside thesis was in play as bulls ran into a trap with breakout traders enthused by the US Consumer Price Index and a move through 1.0800 into 1.0850. However, there has been no follow-through:
We have one broken structure at 1.0801 but bears need to get below 1.0780/70 to really nail in the coffin. The 38.2% Fibonacci retracement that aligns with the prior resistance structures could be a target near 1.0720. This structure guards a deeper move into the Fibo scale and a 50% mean reversion within the scale cannot be ruled out near 1.0680.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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