[B]My picks:[/B] Staying Short EUR/USD
[B]Expertise:[/B] Fundamentals Combined With Technicals
[B]Average Time Frame of Trades:[/B] 1 Day - 1 Week
EURUSD Update: Despite the retracement in EUR/USD, which could extend up toward 1.4075/80, I am looking to stay short EUR/USD after entering the trade last Wednesday at 1.4165, as daily charts showed that price reversed from the top of its rising channel formation and RSI fell from overbought levels. I’m targeting a decline toward the 50% fib of 1.2885-1.4340 at 1.3620, and I noted yesterday that I had moved my stop from 1.4340 down to break-even.
AUDUSD Update: This pair is giving me a run for my money, and as per my pick from Friday, I sold AUD/USD yesterday due to its break below 0.7900. My stop is set above 0.8000 at 0.8020 in order to account for a test of yesterday’s highs (which we’re seeing come into play this morning). Meanwhile, I’ve set a limit order near 0.7500, which marks a psychological point as well as the 38.2% fib of 0.6285-0.8266. Event risk will come into play on Wednesday, but any subsequent volatility should only be short-term in nature.