EURUSD: Short Position Closed
I initially sold EURUSD at 1.4328. Prices shot higher to close above my revised stop-loss at 1.3975 and I booked the trade with a small profit (141 pips). Evaluating overall positioning, the recent rally appears corrective, with the pair now testing key resistance at 1.4254 at the intersection of the 61.8% Fibonacci retracement level and the underside of a rising channel that defined the trend from June 2010 to September 2011. I will look for signs of reversal at this boundary to re-enter short over the coming days and weeks.
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