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EURUSD: Remain Short as Consolidation Continues

By Ilya Spivak, Currency Strategist
08 January 2010 02:08 GMT

EUR/USD

Strategy: Short at 1.4881, Targeting 1.4422
Weekly Profit / Loss: -24 pips
Total Profit / Loss:
+565 pips

We initially sold EURUSD at 1.4881. Prices moved past our initial soft profit target at 1.4422 and are now consolidating below resistance in the 1.4414 – 1.4515 congestion region. We will remain short, retaining a stop-loss at the break-even mark (1.4881) and aiming for a decline to 1.4143.

010710 EUR


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08 January 2010 02:08 GMT