EURUSD- Yesterday’s analyst pick cited a short scalp at 1.3105 targeting 1.3085. The trade was stopped out at 1.3125 (just twelve pips from the high) before the pair reversed course into our intended target at 1.3085. Today’s rebound off the 38.2% Fibonacci retracement taken from the November ascent at 1.3060 warranted action with longs initiated just higher at 1.3062 targeting the 38.2% retracement taken from the advance off last week’s lows at 1.3085. This target has now triggered with half the trade booked and stops brought up to breakeven. Subsequent topside targets are eyed at 1.3105 (23.6% retracement), 1.3125 and 1.3155. Only a break below 1.30-invalidates this particular scalp setup.
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---written by Michael Boutros, Currency Strategist with DailyFX
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- Fibonacci retracement