EUR/USD: Short trade strategy
Chifbaw, one of the strategists that I’ve started monitoring, has gone short EUR/USD near 1.2750 with a very tight stop at 1.2770 and profit targets at 1.2715, 1.2690, 1.2650 and 1.2580. I like the side just not sure about the timing but the risk-reward is outstanding.
” This morning the EURUSD is bearish because of a lack of decision on Greece, and may be more because of the very long night of discussions that the European ecofin ministers had (suggesting troubles). We expect the EURUSD to at least go test its hourly support trend line that now comes at 1.2715. There is a chance that this trend line does not hold and an acceleration to the downside might bring us to 1.2655 today. We therefore recommend shorting the EURUSD at its current levels, and if we indeed reach 1.2655, to buy the EURUSD for some short term rebound and possibly more. “