EURUSD: Looking for Bounce to Short
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.
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