Short EURUSD on the Rallies (Scalping Strategy)

Looking to short EURUSD on the rallies; an hourly ATR of 24.8 eyes profit targets of 17-22 pips depending on entry. Downside targets held at 1.4360, 1.4340, and ultimately a test of the 38.2% Fibonacci extension taken from the July 11th and August 4th troughs at 1.4315. Topside break above the 61.8% extension at 1.4480 shifts our bias.

http://www.dailyfx.com/forex/analyst_picks/todays_picks/michael_boutros/2011/08/22/8-22-pick.html

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