Strategy: Short at 1.3121, Targeting 1.2864
Prices followed the formation of a Bearish Engulfing candlestick with a break below support at a rising trend line set from the mid-January swing low. We will enter short from here, initially targeting the 38.2% Fibonacci expansion at 1.2864. A stop-loss will be activated on a daily close above 1.3378.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to firstname.lastname@example.org
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.