EUR/USD
Strategy: Short at 1.4881, Targeting 1.4422
Weekly Profit / Loss: +180 pips
Last week, we sold EURUSD at 1.4881 as the pair put in a bearish Dark Cloud Cover candlestick formation and took out near-term support at the bottom of a rising channel that had guided prices higher since August. Bearish momentum has materialized as expected but prices have encountered near-term support at 1.4701, a level marked by the swing bottom from late October. A corrective upswing may being prices back to support-turned-resistance at 1.4825, but overall positioning continues to look bearish and we will remain short targeting 1.4422. A stop-loss will be activated on a daily close above 1.5140.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at ispivak@dailyfx.com
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.
