I initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair sold off after forming a bearish Harami candlestick pattern and I have subsequently revised the stop-loss downward to lock in some gains after prices overcame my second objective. EURUSD has now closed below my third downside target at 1.2481 and I will revise the stop-loss further to be triggered on a daily close above 1.2674. The next downside objective is 1.2244, the 76.4% Fibonacci expansion level.
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.