EURUSD IN DEEP PULL BACK/CORRECTION PHAS ...

EURUSD IN DEEP PULL BACK/CORRECTION PHASE

May 30, 2024

The EURUSD pair is currently experiencing a deep correction owing to the renewed strength and buying in the US dollar. The pair met resistance at around 1.08900 and is currently hovering near 38.2% of the Fibonacci move from 1.06000 to 1.08900.

I expect a deeper correction to around 50% Fibonacci retracement level of the move from 1.06000 to 1.08900 which comes in at around 1.07500. This level might trigger renewed longs/buy interest in the Euro dollar and hence I'll be watching to get in for a decent buy with a good risk to reward ratio.

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