EURUSD: Stay Short Through Bounce
I initially sold EURUSD at 1.4328. The pair produced a bearish Evening Star candlestick pattern below the recent range top at 1.4535, the July 27 high and my stop-loss threshold (to be activated on a daily close above the level), and proceeded to break lower through rising trend line support. A rebound was mounted yeseterday from support at 1.4046 - the May 23 closing low - after the SNB announced a EURCHF floor and sent the pair higher, which reverberated in most Euro-based pairs. The move's effect on EURUSD proved temprorary however and I will continue holding short, aiming for a daily close below my soft target at 1.3976.
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