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EURUSD: Remain Short Through Upswing

EURUSD: Remain Short Through Upswing

Ilya Spivak, Head Strategist, APAC

I entered short EURUSD at 1.3526 on November 9 expecting the Eurozone debt crisis to continue to spread and moved my stop to 1.3231 after the pair met my secondary objective at 1.2872, aiming for the next target at 1.2586. Prices took out resistance at the top of a falling channel set from early November last week, hinting the correction I was waiting for is gaining momentum. Near-term resistance begins at 1.3144. I will look for the upswing to yield an opportunity to add to the trade, aiming for renewed selling in the weeks ahead.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.