Euro's Biggest Open-Close Decline in 3 Weeks
Last week's decision to raise the stops and lower the targets on both of our existing EURUSD shorts was justified by Tuesday's 100-pip decline to 1.2850, which is the biggest open-close decline since May 9th when the pair failed a double resistance of 100-DMA and May 1st trendline. Noting that the FX headlines of the past 2 weeks have been mostly focused on the Fed and the daily pendulum of tapering/maintaining of asset purchases, the combination of gradual German softening of its positiob vis-a-vis austerity may further work against EURUSD. FX traders must not let declining EURUSD obstruct their view of rallying EURCAD and EURAUD, which spells durable conclusions for AUDUSD and USDCAD. We're sticking with EURUSD shorts, while issuing new long in USDJPY and 2 new positions in GBPUSD. We will revisit USDCAD and AUDUSD tomorrow as USDCAD is few pips away from final targets on 1 of 2 longs. All is found in the Premium Insights.
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