EURUSD: Sellers Eye Push Below 1.30

Ilya Spivak, On Friday December 24, 2010, 6:04 am EST

strategy: Short at 1.3315, Targeting 1.2969

Weekly Profit / Loss: +143 pips

Total Profit / Loss: +183 pips

We sold EURUSD at 1.3315. Prices have edged through support at 1.3161, the 14.6% Fibonacci Retracement of the 11/4-11/30 downswing, opening the door for a push to our initial soft target at 1.2969. We will remain short, looking for a Daily close below this boundary to clear the way for a deeper selloff into the mid-1.26 range. A stop-loss will be activated on a daily close above 1.3499, the Doji wick high.

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EURUSD: Sellers Eye Push Below 1.30

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Tags: currency market, economic reports, spivak

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