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Faraday: Spotted a short-term trade in EURUSD

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Alex Joyner from Faraday Research joins us for his weekly trade idea. Alex is looking at EURUSD and says: "Despite another round of dovish comments from Janet Yellen of Friday, the dollar recovery continues to gather momentum. On the daily chart we can see that EURUSD has been rotating lower from a key zone of support turned resistance. This gives us a good opportunity to rejoin the long-term downtrend which has been in place since April last year." 

Alex also talks us through the 4 hour chart and adds: "To enter a short trade, we can see that near term resistance at 1.09 held off the most recent push higher and stops should be placed above this level. As the price action continues to move down, we would target this month’s low of around 1.05, although, of course, any big surprises on Friday’s Non Farm Payrolls will have a strong impact on the pair."