EURUSD: Bears Regain Control Below 1.38 Figure
Strategy: Short at 1.4881, Targeting below 1.3404
Weekly Profit / Loss: +137 pips
Total Profit / Loss: +1323 pips
We initially sold EURUSD at 1.4881. The pair finished last week with a break through resistance at the upper boundary of a falling channel set from the swing high in early December but bullish momentum failed at the 1.38 figure. Prices have since reversed sharply lower and are now re-testing resistance-turned-support at the channel top. We will remain short, continuing to target a move below 1.3404. As before, a stop-loss will be activated on a daily close above 1.4251.
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