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EURUSD: Hold Short as Jackson Hole Approaches

EURUSD: Hold Short as Jackson Hole Approaches

2011-08-25 11:01:00
Ilya Spivak, Head Strategist, APAC
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I initially sold EURUSD at 1.4328. Prices are bouncing from support at 1.4332, the 38.2% Fibonacci extension level, but the broad range im place since late June remains intact and I am not expecting a breakout until traders have a chance to react to Friday's major event risk. As such, I will continue to hold short, with a stop-loss to be activated on a daily close above 1.4535.

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