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#SaxoStrats - Shorting EURUSD as Yellen talks up 2015 hike

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With Federal Reserve chair Janet Yellen appearing to talk up the possibility of a 2015 rate hike EURUSD fell lower. Head of FX Strategy John Hardy outlines his trade in the pair against bullish risk appetite for USD.

John adds that: "The technical reversal after EURUSD tried above the key 1.1250 area also encourages bears to test the waters for a move back to 1.100 and beyond to the downside.".
 

Parameters.

Entry: 1.1130-1.1160.
Stop: 1.1207.
Target: 1.1010, 1.0910.
Time horizon: one week.