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EURUSD: Remain Short as Down Move Accelerates

By Ilya Spivak, Currency Strategist
05 February 2010 11:38 GMT

EUR/USD

Strategy: Short at 1.4881, Targeting below 1.3668
Weekly Profit / Loss: +238 pips
Total Profit / Loss:
+1193 pips

We initially sold EURUSD at 1.4881. Prices have now moved below our third revised target at 1.3740 but we will err on the side of caution and wait for a daily close below 1.3668 before advancing the objective lower. We will trail our stop-loss further downward, however, booking the trade on a daily close above 1.4251.

02042010 EUR


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05 February 2010 11:38 GMT