We have been short since last week at 1.4570 and have been lucky to catch a very large move back to the downside. However, the 78.6 fib retracement of the major 1.4000-1.4585 move comes in by 1.4125, and a test of this level on Wednesday seems like a good area to look to book profit on the short and establish a fresh long position. We recommend that traders take advantage of any overdone moves today to establish the playable counter-trend position.
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