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DailyFX Home / Analyst Picks / Ilya Spivak

Remain Short EURUSD as Rebound Fades

By , Currency Strategist
08 June 2012 11:01 GMT

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 and target downward to lock in some gains. Prices staged a mild recovery to retest support-turned-resistance at 1.2623 and now appear to be reversing lower anew having put in a bearish Shooting Star candlestick. I will remain short, targeting 1.2244. A stop-loss will be triggered on a daily close above 1.2674.

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08 June 2012 11:01 GMT