EURUSD: Stay Short Into EU Debt Summit
Strategy: Short at 1.4328, Targeting 1.3000
Floating Profit / Loss: +554 pips
We initially sold EURUSD at 1.4328. Prices have stalled abovesupport at 1.3708, the 14.6% Fibonacci extension level, after producing a Bearish Engulfing candlestick pattern in anticipation of the upcoming EU debt crisis summit. We will remain short into the event risk, maintaining a stop-loss to be activated on a daily close above 1.3975 and aiming for a revised soft target at 1.30.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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