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EURUSD: Preparing to Enter Short Trade
Written by article default Thursday, 30 June 2011 08:57
Strategy: Pending Short
As we expected, EURUSD is bouncing higher after Greece voted to implement a new austerity plan, paving the way for additional EU/IMF aid. Prices are approaching key resistance at 1.4553 – the meeting point of a downward-sloping trend line set from the May 4 wick high and the 14.6% Fibonacci extension level – and we will look for signs of reversal here to establish short. Alternatively, a breakout higher will present the opportunity for the formation of a double top near the 1.47 figure at the June 7 swing high (1.4695).
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