Citi reestablishes EUR/USD short

We are going short at 1.2771 with a stop loss at 1.3010 and a target of 1.2050-1.2200 (2012 low and 200 month moving average) We are utilizing 20% of capital.

–    Daily momentum is now crossing over from overbought levels  four days after a bullish outside day as a continuation EURUSD has failed to make any further inroads on the upside.

–    A close today (if seen) below 1.2731 would actually in addition give us a bearish outside day as a continuation.

–    We view recent price action as no more than a position squeeze within the broader and intact downtrend.

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