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EURUSD: Deeper Recovery Hinted Ahead

EURUSD: Deeper Recovery Hinted Ahead

2011-09-28 11:01:00
Ilya Spivak, Sr. Currency Strategist
Share:

I initially sold EURUSD at 1.4328 and trailed our stop-loss to breakeven after the pair met my initial objective, revising my soft target to 1.3416. Prices are correcting higher, with the pair probing above 23.6% Fibonacci retracement resistance at 1.3640. A break above this barrier exposes the 38.2% level at 1.3814. I will continue to hold short, looking at any such recovery as an opportunity to add to the position. My stop-loss and soft target levels will remain unchanged until a daily close below 1.3416 materializes.

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