EURUSD: Stay Short, Aiming Below 1.40
Strategy: Short at 1.4328, Targeting 1.3975
Floating Profit / Loss: +6 pips
We initially sold EURUSD at 1.4328. Prices put in a bearish Spinning Top candlestick below familiar trend line resistance set from the late April top and moved lower. Initial support now stands at 1.4332, the 38.2% Fibonacci extension level, with further selling exposing the 50% and 61.8% levels at 1.4275 and 1.4218, respectively. We will remain short, continuing to look for a larger decline to 1.3975. A stop-loss will be activated on a daily close above 1.4535.
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