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EURUSD: Stay Short on Test of Target

EURUSD: Stay Short on Test of Target

Ilya Spivak, Head Strategist, APAC

I initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair sold off after putting in a bearish Harami candlestick pattern and is now approaching our initial objective at 1.2865, the 38.2% Fibonacci expansion level. I will look for a daily close below this boundary to move my stop-loss to the breakeven level and target 1.2674, the 50% Fib, from there. For now, the stop remains set to be activated on a daily close above 1.3378.

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