BombayBulls
Short

Sell Rally In EUR/USD - 7/7/2016

FX:EURUSD   Euro / U.S. Dollar
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From the beginning of the year, EUR/USD trades in a pattern which consolidates and then breaks up quickly. Earlier it was on upside targeting 1.15000. Now after Brexit, situation has changed. At least price actions is telling that short side is more convincing trade than getting long.
As we mentioned earlier that the divorce is going to hurt both and recommended selling it near 1.1200. We got filled partially around 1.1180. Playbook is to sell the rally near 1.1150 / 1.1200 / 1.1250 and take quick 50 pip profit and wait for either to break it to the downside or if it bounce back then sell it again. Until 1.1300 is broken convincingly, sellers will be in charge. We will be looking for clean break of 1.1050 / 1.1000 for significant downside.
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