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EURUSD: Looking to Add to Short

By Ilya Spivak, Currency Strategist
13 January 2012 11:01 GMT

I initially sold EURUSD at 1.3526 and moved my stop-loss to 1.3231 after the pair met my second objective at 1.2872, aiming for the next target at 1.2586. Prices are now showing a Bullish Engulfing candlestick pattern, hinting an upswing is ahead. I see any gains as corrective and will look to them as an opportunity to add to the position in the days ahead. Initial falling channel resistance stands at 1.2930.

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13 January 2012 11:01 GMT