Strategy: Short at 1.3526, Targeting 1.3144
Floating Profit / Loss: +175 pips
We initially sold EURUSD at 1.3526. Prices continue to inch lower along resistance at a downward-sloping channel top, a barrier reinforced by the 23.6% Fibonacci retracement at 1.3455. We will remain short, maintaining an initial target at 1.3144 and a stop-loss to be activated on a daily close above 1.3882.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to 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.
