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EURUSD: Candles Signal Turn Lower Ahead

By , Currency Strategist
31 January 2012 00:55 GMT

Strategy: Short at 1.3526, Targeting 1.2586

Floating Profit / Loss: +381 pips

We initially sold EURUSD at 1.3526. Prices have now completed a bearish Dark Cloud Cover candlestick pattern below resistance at 1.3231, the late-November swing bottom and our revised stop-loss level, hinting the corrective upswing that played out over the past two weeks may be ready to give way to the dominant down trend once more. We will continue to hold short, targeting 1.2586. A daily close above 1.3231 triggers the stop-loss. Initial support lines up in the 1.2927-2966 area.

EURUSD_Candles_Signal_Turn_Lower_Ahead_body_Picture_5.png, EURUSD: Candles Signal Turn Lower Ahead

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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31 January 2012 00:55 GMT