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DailyFX Home / Analyst Picks / Ilya Spivak

Forex Strategy: Still Holding Short EUR/USD

By , Currency Strategist
22 January 2014 12:30 GMT

I entered short EURUSD at 1.3757 in line with my fundamental outlook as prices put in a Bearish Engulfing candlestick pattern, hinting a double top may be in place near the 1.38 figure. The pair has started to make its way lower as expected and I will continue to hold short, initially targeting 1.3209 (the 23.6% Fibonacci expansion formed by the April 2011 high, the July 2012 low, and the December 2013 swing top).

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22 January 2014 12:30 GMT