EURUSD: Hold Short as Down Trend Gains Momentum

[B]My picks:[/B] Remain Short EURUSD
[B]Expertise: [/B]Global Macro, Classic Technical Analysis
[B]Average Time Frame of Trades:[/B] 1 week - 6 months

I entered short EURUSD at 1.3936. Current positioning is little changed from what we identified last week: prices are locked in a narrow range above the 1.3725-1.3804 congestion region, consolidating ahead of an eventual directiona We will remain short, looking for prices to take out the neckline as EURUSD heads to the previous swing low below 1.30. As before, a stop-loss will be activated on a daily close above the 06/03/09 wick high at 1.4340.