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EURUSD: Holding Short as Selling Heats Up

EURUSD: Holding Short as Selling Heats Up

Ilya Spivak, Head Strategist, APAC

I initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair completed a bearish Harami candlestick pattern below resistance at a falling trend line set from the late February top and dropped lower after a disappointing set of German unemployment figures and downward revisions in April PMI results. I will continue to hold short, looking for a break of support at 1.3025 to expose my initial objective at 1.2864. A stop-loss will be activated on a daily close above 1.3378.

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