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EURUSD: Looking to Add to Short on Bounce

EURUSD: Looking to Add to Short on Bounce

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 forming a bearish Harami candlestick pattern and I have subsequently revised my stop-loss to be triggered on a daly close above 1.2865 after prices overcame my second objective. An Inverted Hammer candlestick coupled with positive RSI divergence above support in the 1.2481-1.25 area suggests an upswing is ahead, which I will treat as an opportunity to add to the short position once the correction is exhausted. The 1.2674 level has been recast as near-term resistance.

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