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EURUSD: Bounce Sought to Enter Short
Written by article default Wednesday, 13 July 2011 08:14
Strategy: Pending Short
EURUSD broke below the psychologically critical 1.40 figure having pierced the underside of a Triangle chart formation carved out since late April. However, support at the 5/23 low (1.3968) remains intact and the pair has conspicuously stalled at the 100% Fibonacci extension level, hinting an upswing may materialize to re-test the broken Triangle’s lower boundary before the larger down move resumes. We will remain on the sidelines for now and look for an upswing to yield a selling opportunity. Initial resistance lines up at 1.41 and 1.4191.
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