FxWirePro Call Review: Maintain short positions in EUR/USD; target revised lower

In February, as the euro reached our bullish target at 1.25 against the USD (https://www.econotimes.com/FxWirePro-Renewed-upward-momentum-might-prompt-euro-to-test-125-against-USD-1081111) , we suggested in an article, named, “FxWirePro: Euro like to rise another 200 pips in current run”, available at https://www.econotimes.com/FxWirePro-Euro-like-to-rise-another-200-pips-in-current-run-1152208  that the single currency is likely to rise by another 200 pips to test resistance around 1.27 area.

However, the euro failed to reach our stipulated target around 1.27 and has been declining after reaching 1.255 area and is currently trading at 1.218 area. The stop loss for the 200 pips trade was hit around 1.235 area. So in a subsequent call review, available at https://www.econotimes.com/FxWirePro-Call-Review-Euro-short-term-outlook-revised-from-bullish-to-bearish-targeting-117-1178120 we suggested,

“We would like to urge our readers to go short on the euro at the current rate of 1.218 against the USD and at rallies with a target around 1.17 area. The stop loss for this trade should be maintained around 1.255 area for the time being, which could be lowered later on.”

In our follow up review ahead of the last European Central Bank (ECB) policy meeting, https://www.econotimes.com/FxWirePro-Call-Review-Maintain-short-positions-in-EUR-USD-ahead-of-ECB-1275745 we urged our readers to maintain short positions heading into ECB, which has paid off handsomely as the call is currently well in the money with the euro trading at 1.178 against the USD.

Our latest calculations suggest that the single currency could decline to as low as 1.145 against the USD; hence we would like to urge our readers to maintain short position. However, we would like to recommend a 50 percent profit booking at our original target around 1.17 area.