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Looking for EURUSD long Opportunities

Looking for EURUSD long Opportunities

David Rodriguez, Head of Product

I like buying into EURUSD dips this week as I maintain a broader US Dollar-bearish trading bias. Last week I went long EURUSD from $1.2870 and targeted reaction highs of $1.2960.

This week I'm looking for oversold conditions on the EURUSD to place another buy order. I'll specifically be watching RSI on a 60min EURUSD chart to try and buy dips.

I was otherwise short AUDUSD from several weeks ago, but the pair's rally above $1.0270 stopped me out of the position. I managed to book a respectable profit, but it's frustrating to see that the AUDUSD has subsequently turned lower.

I'll look to sell AUDUSD on either a rally towards $1.04 or a break below the $1.0150 mark. I don't like reward/risk at current price levels given the risk that the pair could hold above recent lows.

I remain long USDJPY though I can't say I fully recommend joining me here: the pair seems incapable of holding gains. Trading above ¥79 could change that, and ultimately I target a move towards April highs near ¥81.70.

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

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