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DailyFX Home / Analyst Picks / Ilya Spivak

EURUSD: Holding Short

By , Currency Strategist
14 March 2012 11:01 GMT

I sold EURUSD at 1.3121 last week. Prices now appear to be forming a Head and Shoulders top with a neckline in the 1.3054-1.3102 area and I will look for a daily close below here to look for opportunities to add to the position. Alternatively, a bounce to 23.6% Fibonacci retracement at 1.3282 can also be an opportunity to increase short exposure although I would look for specific evidence of a reversal below this barrier before adding to the trade.

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14 March 2012 11:01 GMT