Anthonj still believes that "The big picture is still favoring the view that the recovery from 1.2746 (April low) is nothing else but a classical 3- step countertrend rally with a maximum upside potential of 1.3483/1.3521 (int. 76.4 %/pivot)."
Amid this bearish view, Anthonj explains how they have opened a strategic short position, "in expectation of a minimum decline to 1.2436/26 and intend to add up either at 1.3450 or on a break below key-support at 1.3177/73 (pivot/minor 38.2 %) as a break below the latter would confirm the countertrend rally top in place" the Strategist notes.
A clear break above 1.3521 would negate Anthonj's bearish view, and may set the stage for what he calls "a much broader recovery in EUR/USD."
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