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EURUSD: Adding On to Short Position

By , Currency Strategist
15 March 2012 00:34 GMT

Strategy: Short at 1.3121, Targeting 1.2864

Floating Profit / Loss: +101 pips

We initially sold EURUSD at 1.3121. Prices have now confirmed a Head and Shoulders top below resistance at a falling trend line set from late August with a break below the formation’s neckline in the 1.3054-1.3102 area and we will add to the short position expecting downward momentum to accelerate. Our soft target will remain at 1.2864, but longer-term the Head and Shoulders setup implies a measured objective at 1.2577. A stop-loss will be triggered on a daily close above 1.3378.

EURUSD_Adding_On_to_Short_Position_body_Picture_5.png, EURUSD: Adding On to Short Position

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

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

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15 March 2012 00:34 GMT