EURUSD: Staying Short as First Target Hits
Strategy: Short at 1.4328, Targeting 1.4172
Floating Profit / Loss: +219 pips
We initially sold EURUSD at 1.4328. Prices closed below our conservative first target at 1.4172 to hit support at 1.4077, the 61.8% Fibonacci extension level. We will remain short, looking for a larger move lower the second target at 1.3975. A daily close below that will prompt to further revise the downward objective and trail the stop-loss to break-even. For the time being however, the stop will be triggered on a close above 1.4535 as before.
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