EURUSD: Stay Short as Prices Drift Lower
Strategy: Short at 1.3526, Targeting 1.3144
Floating Profit / Loss: +175 pips
We initially sold EURUSD at 1.3526. Prices continue to inch lower along resistance at a downward-sloping channel top, a barrier reinforced by the 23.6% Fibonacci retracement at 1.3455. We will remain short, maintaining an initial target at 1.3144 and a stop-loss to be activated on a daily close above 1.3882.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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