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Forex Strategy: Still Holding Short EUR/USD

Forex Strategy: Still Holding Short EUR/USD

Ilya Spivak, Head Strategist, APAC

I entered short EURUSD at 1.3757 in line with my fundamental outlook as prices put in a Bearish Engulfing candlestick pattern, hinting a double top may be in place near the 1.38 figure. The pair has started to make its way lower as expected and I will continue to hold short, initially targeting 1.3209 (the 23.6% Fibonacci expansion formed by the April 2011 high, the July 2012 low, and the December 2013 swing top).

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