Trade
Follow Us

Resources

EURUSD: Stay Short as Prices Surpass Initial Profit Target

By Ilya Spivak, Currency Strategist
22 December 2009 03:03 GMT

EUR/USD

Strategy: Short at 1.4881, Targeting 1.4422
Weekly Profit / Loss: +413 pips
Total Profit / Loss:
+589 pips

We initially sold EURUSD at 1.4881. Prices have now taken out support in the 1.4346 – 1.4479 congestion region and overcome our initial soft target at 1.4422. We remain short, moving our stop-loss to the break-even mark (1.4881) and revising the soft target lower to 1.4143.

122109 EUR


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.

22 December 2009 03:03 GMT