EURUSD: Short Position Still in Play
Strategy: Short at 1.2993 (avg), Targeting 1.2864
Floating Profit / Loss: -96 pips
We initially sold EURUSD at 1.3121 and added to the position at 1.3026 as the pair completed a Head and Shoulders topping chart formation. A stop-loss will be triggered on a daily close above 1.3378. The near-term downward trajectory remains intact for now, defined by a falling trend line set from the February 29 high and reinforced by a confluence of Fibonacci levels in the 1.3103-1.3156 area. I will continue holding short, initially targeting 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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