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Remaining short EURUSD against the high

Remaining short EURUSD against the high

David Rodriguez, Head of Product

As per the Real Time News feed, I've sold the Euro against the US Dollar (short EURUSD) from $1.2267 with a stop above 1.2335. My downside target remains open, but a minimum of 1:1 risk to reward means that I'm looking for a test of $1.2195 at minimum. We've gotten that test, and while I won't take profits, I will move my stop lower.

Yesterday's high of $1.2300 provides adequate comfort for max risk and I'll move my stop above.

I likewise went short the AUDUSD yesterday against $1.0280 with a target of $1.0150. I hit my target and closed most of the position. Max risk will now be moved to above $1.0200.

View my weekly SSI report for further guidance on major US Dollar pairs:

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To contact David, e-mail drodriguez@dailyfx.com

To be added to David’s e-mail distribution list for this and other reports, e-mail subject line “Distribution List” to drodriguez@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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