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Faraday: Shorting EURUSD after Draghi leaves euro vulnerable

Thomas Light from Faraday Research says the dovish statement from European Central Bank governor Mario Draghi on September 3 has left the euro looking vulnerable. That’s why he is looking to short EURUSD.

Looking at the weekly chart, Light says the markets have been going through a choppy period of consolidation for several months. EURUSD has attempted to break above the 1.1500 barrier only to fail and form a bearish inverted hammer candle.

Given a long term downtrend, Light says failure at such a key level has left the market looking vulnerable to further selling pressure.

His strategy is to short EURUSD with stops above the September 3 high at 1.1260 with initial profit targets coming in at the 1.1000 level.

01:10 minutes
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