Background
EURUSD has continued to find offers after an earlier break through the Friday highs, which saw no sustained follow-through buying action. We are now expecting that potentially weak short-term stops could be sitting below the figure; a clearing of which would further fuel a downside acceleration and enable a test of Thursday's lows and potentially further below. However, we shall only establish this short positioning in EURUSD at the aforementioned break level.
Management and risk description
We are maintaining a reduced overall risk exposure and are keeping the size of the entry order to a half nominal size order. The trade will also be accompanied with a tight stop-loss order that will be adjusted to entry once the first target has been reached.
Parameters
Entry: Sell half-size order EURUSD on offer at 1.3702.
Stop: Buy EURUSD stop bid at 1.3717.
Target: Target one is at 1.3687, where we shall adjust the stop to entry. Second target for the remainder is at 1.3655.
Time horizon: intraday.
Short-term EURUSD chart
5-year EURUSD chart
EURUSD has continued to find offers after an earlier break through the Friday highs, which saw no sustained follow-through buying action. We are now expecting that potentially weak short-term stops could be sitting below the figure; a clearing of which would further fuel a downside acceleration and enable a test of Thursday's lows and potentially further below. However, we shall only establish this short positioning in EURUSD at the aforementioned break level.
Management and risk description
We are maintaining a reduced overall risk exposure and are keeping the size of the entry order to a half nominal size order. The trade will also be accompanied with a tight stop-loss order that will be adjusted to entry once the first target has been reached.
Parameters
Entry: Sell half-size order EURUSD on offer at 1.3702.
Stop: Buy EURUSD stop bid at 1.3717.
Target: Target one is at 1.3687, where we shall adjust the stop to entry. Second target for the remainder is at 1.3655.
Time horizon: intraday.
Short-term EURUSD chart
5-year EURUSD chart
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