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EURUSD: Short Position Taken as Channel Support Breaks

EURUSD: Short Position Taken as Channel Support Breaks

2009-12-07 02:08:00
Ilya Spivak, Sr. Currency Strategist
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EUR/USD

Strategy: Short at 1.4881, Targeting 1.4422

We previously noted that a reversal of the EURUSD rally appeared close as the pair put in a bearish Dark Cloud Cover candlestick formation. We have now seen a break of near-term support with a daily close below the bottom of a rising channel that had guided prices higher since August. We will enter short from here, initially targeting 1.4422. A stop-loss will be activated on a daily close above 1.5140.

120609 EUR


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