EURUSD: Bulls Eye Move Above 1.40
Strategy: Pending Short
Our EURUSD short position was stopped out after prices issued a daily close above 1.3734 mid-week. Sizing up longer-term positioning, the overall bias remains bearish while the pair remains below multi-year resistance marked by a falling trend line set from the record high above 1.60 in July 2008. Prices are now probing above resistance at 1.3741 – the 61.8% Fibonacci retracement of the decline from last year’s swing high, with a close above putting the bulls on course to test the major upside barrier (now at 1.4048). We will remain on the sidelines for now to see how things develop at this important junctureover the days ahead
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