Strategy: Short at 1.2661, Targeting 1.2130
Weekly Profit / Loss: -110 pips
Total Profit / Loss: -159 pips
We sold EURUSD at 1.2661. An upswing has taken the pair through resistance at 1.2764, the 23.6% Fibonacci retracement of the 8/6-8/24 downswing, with prices now stalling just ahead of the 38.2% level at 1.2873. At this point, recent gains continue to appear corrective and we will remain short, looking for bearish momentum to resume and take prices toward our initial target at 1.2130. A stop-loss will be activated on a daily close above 1.2925.
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