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DailyFX Home / Analyst Picks / Ilya Spivak

EURUSD: Holding Short Position

By , Currency Strategist
23 April 2012 11:01 GMT

I initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair continues to trace out a choppy Head and Shoulders topping chart formation, with a daily close below neckline support at 1.3025 confirming the setup. The appearance of a bullish Piercing Line candlestick pattern warns an upswing may be ahead however, with initial resistance marked by a falling trend line now at 1.3303. I will remain short for now, maintaining an initial downside objective at 1.2864. A stop-loss will be activated on a daily close above 1.3378.

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23 April 2012 11:01 GMT