Strategy: Short at 1.2595, Targeting 1.2442
We booked profits on our previous short EURUSD position last week. Prices appeared to complete an upward correction with a break of rising channel support on June 21 and have now rebounded to improve risk/reward parameters for re-entry. We will try a small new short position here, initially targeting 1.2442. A stop-loss will be activated on a daily close above 1.2746.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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