EURUSD: Monitoring the decline
Updated
EURUSD broke down sharply today, breaking the recent daily uptrend support, so we can look to take shorts from here onwards. A retrace to the red triangle's apex on chart would constitute a great entry, but it's unlikely to see much of a retrace, since we now closed below the monthly downtrend mode, a huge level. From here we could expect downside to below parity levels.
See related ideas for more information and our original short entry.
Cheers,
Ivan Labrie
See related ideas for more information and our original short entry.
Cheers,
Ivan Labrie
Note
Once we slide past 1.1093, it'll be very good confirmation of further downside.For the time being, hold shorts and move stop to 1.11927.
Note
I went long at 1.117, closed at 1.1236, stop was 1.11567. Flipped short once again at 1.1160, but using a wide stop.
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