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EURUSD: Looking for Bounce to Short

EURUSD: Looking for Bounce to Short

2011-06-24 05:31:00
Ilya Spivak, Sr. Currency Strategist
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STRATEGY: Pending Short

EURUSD put in a bearish Dark Cloud Cover candlestick pattern below resistance at 1.4466 – the 23.6% Fibonacci extension level – and dropped through support at the 38.2% mark (1.4324). Current positioning does not offer an attractive entry point from a risk/reward perspective with the pair squarely between the 38.2% and 50% levels and we will look for either a pop higher (the more probable outcome, in our opinion) or a breakdown through support yield a better setup.

EURUSD_Looking_for_Bounce_to_Short_body_Picture_5.png, EURUSD: Looking for Bounce to Short

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

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