We re-initiated our short EURUSD trade, after hitting our trailing stop on 28 April, with an initial downside target of 1.0460 (ytd lows +7.2%) (spot ref: 1.124) and a relatively tight stop at 1.1680 (21 Jan 2015, pre-ECB QE announcement reaction high of 3.7%). Technically, momentum divergence on the daily plot signals topping risk and room for a move lower in range. Breaking back below former range highs near 1.1055 would add to our bearish conviction.
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