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EURUSD Short Scalps in Play. . . But Not For Long. . .

EURUSD Short Scalps in Play. . . But Not For Long. . .

2013-01-15 20:47:00
Michael Boutros, Strategist
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EURUSD- Currently holding short scalps as noted in today’s Scalp Report. The 1.34-barrier represents the confluence of key long-term Fibs and I’ve been playing short side of the scalp setup since yesterday’s rejection of this key threshold with initial targets 1.3280 triggering early this afternoon. Half the position size has been taken with stops now back at breakeven. It’s important to note that the broader-bias remains weighted to the topside and we are simply playing the near-term pullback off key Fibonacci resistance. Only a daily close below 1.3250 invalidates our broader outlook. Topside targets extend past 1.34 with setups also pending on AUDUSD and USDOLLAR as noted in the report.

For updates on these setups and more follow me on Twitter @MBForex

---written by Michael Boutros, Currency Strategist with DailyFX

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