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Euro Sold vs. British Pound as Long-Term Trend Resumes

By , Currency Strategist
19 August 2013 10:38 GMT

Strategy: Short EURGBP at 0.8533, Targeting 0.8408

Prices broke support at a rising trend line set from July 2012 after completing a Bearish Engulfing candlestick pattern. The setup hints the long-term down trend carved out since December 2008 is set to resume. We will enter short from here, initially targeting the 38.2% Fibonacci retracement at 0.8408. A stop-loss will be activated on a close above 0.8658.

Forex_Strategy_Euro_Sold_vs._British_Pound_as_Long-Term_Trend_Resumes_body_Picture_5.png, Euro Sold vs. British Pound as Long-Term Trend Resumes

Weekly Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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19 August 2013 10:38 GMT