Strategy: Short at 1.4881, Targeting 1.2000
Weekly Profit / Loss: +137 pips
Total Profit / Loss: +2720 pips
I initially sold EURUSD at 1.4881. The pair has been locked in tight consolidation above 1.2140 over recent weeks and positive RSI divergence hints that an intermediate bottom may emerge, followed by a corrective upswing that initially targets support-turned-resistance at 1.2624. Alternatively, sideways trade may continue and help relieve oversold conditions to open the door for further downside, an outcome akin to what we saw from early February through mid-March. I will remain short for the time being, maintaining a soft target at the psychologically significant 1.20 figure and a stop-loss to be activated on a daily close above 1.3097.
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