I sold EURUSD at 1.2661 last week as prices confirmed the break of a rising trend line set from the low in early June with push through horizontal support in the 1.2715-1.2755 congestion region. A shallow recovery was been mounted from support at 1.2587, but the advance looks to have been corrective and the bears appear to be regaining control. An acceleration of the down move is expected to a daily close below 1.2587. I will remain short, initially targeting 1.2130. A stop-loss will be activated on a daily close above 1.2925.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
