EURUSD: Stay Short, Looking to Grow Position
I initially sold EURUSD at 1.4328 and revised my soft target to the 1.30 figure after the trade’s second objective was met last week. Prices rebounded after France and Germany pledged early in the week to have a definitive plan to alleviate the EU crisis in place by the November 3 G-20 summit, but I remain skeptical. Indeed, many deadlines have come and gone for EU policymakers since the crisis began with little to show for them. I will continue holding short, looking at the upswing as a chance to add to my position in the days ahead. Initial resistance stands at 1.3662, with a break above that targeting 1.3875.
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