EURUSD: Continue Holding Short Position
Strategy: Short at 1.4328, Targeting 1.3416
Floating Profit / Loss: +825 pips
We initially sold EURUSD at 1.4328 and trailed our stop-loss to breakeven after the pair met our initial objective, revising our soft target to 1.3416. Prices have now broken support at the bottom of a falling channel set from early May, pointing to bearish acceleration, but early signs of RSI divergence hint that a corrective bounce over the near term may come first. We will continue to hold short, looking at any such recovery as an opportunity to add to the position. Our stop-loss and soft target levels will remain unchanged until a daily close below 1.3416 materializes.
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