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EURUSD: Continue Holding Short Position

EURUSD: Continue Holding Short Position

2011-09-23 11:53:00
Ilya Spivak, Sr. Currency Strategist
Share:

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.

EURUSD_Continue_Holding_Short_Position_body_Picture_5.png, EURUSD: Continue Holding Short Position

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

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