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EURUSD: Short Entry Sought on Bounce

EURUSD: Short Entry Sought on Bounce

2011-05-12 06:19:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

The EURUSD selloff that began late last week is seemingly back underway, with prices dropping through support at the 38.2% Fibonacci retracement of the 2/14-5/4 advance (1.4359) to stall just ahead of the 50% level at 1.4180. Current positioning is not attractive to enter short however with the pair so close to support and we will look for either a bounce or a close below the 50% Fib to look for selling opportunities.

EURUSD_Short_Entry_Sought_on_Bounce_body_Picture_3.png, EURUSD: Short Entry Sought on Bounce

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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