Strategy: Short at 1.3121, Targeting 1.2864
Prices followed the formation of a Bearish Engulfing candlestick with a break below support at a rising trend line set from the mid-January swing low. We will enter short from here, initially targeting the 38.2% Fibonacci expansion at 1.2864. A stop-loss will be activated on a daily close above 1.3378.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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