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EURUSD: Holding Short Through Upswing

By , Currency Strategist
09 March 2012 04:00 GMT

Strategy: Short at 1.3121, Targeting 1.2864

We sold EURUSD at 1.3121 earlier this week. Prices are staging an interim bounce from 23.6% Fibonacci expansion at 1.3103, with the bulls challenging resistance in the 1.3282-1.3321 region marked by the 23.6% retracement and the February 9 swing high. We see the upswing as corrective and will continue to hold short, looking for a return to downward momentum to bring the pair toward our initial target at 1.2864. A stop-loss will be activated on a daily close above 1.3378.

EURUSD_Holding_Short_Through_Upswing_body_Picture_5.png, EURUSD: Holding Short Through Upswing

--- 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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09 March 2012 04:00 GMT