EURUSD: Still Holding Short Position
Strategy: Short at 1.3073 (Avg), Targeting 1.2864
Floating Profit / Loss: -127 pips
We initially sold EURUSD at 1.3121 and added to the position at 1.3026 as prices appeared to complete a Head and Shoulders (H&S) top chart formation. That assessment now looks to have been premature, with the pair carving out a more complex H&S setup that needs a daily close below the neckline at 1.3031 to be validated. On balance, our initial entry parameters remain valid and we will continue to hold short looking for prices to retreat to our initial soft target 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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