EUR/USD
Strategy: Short at 1.4881, Targeting 1.4143
Weekly Profit / Loss: -116 pips
Total Profit / Loss: +449 pips
We initially sold EURUSD at 1.4881. Prices found near-term support above the 1.42 level and bounced to re-test support-turned-resistance in the 1.4414 – 1.4515 region. We also notice that the up move has been guided by a minor rising channel, with the top of the formation reinforcing the barrier at 1.4515. We see the current move as corrective and will remain short, retaining a stop-loss at the break-even mark (1.4881) as well as the revised soft target at 1.4143.
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