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Strategy: Short at 1.3073 (Avg), Targeting 1.2864
Floating Profit / Loss: -265 pips
We initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair is dangerously close to our stop-loss level at 1.3378 but a daily close above it has not materialized, leaving our initial trade parameters intact. Prices put in a bearish Harami candlestick pattern below resistance at 1.3359, the confluence of the 14.6% Fibonacci retracement and a falling trend line set from late August, hinting a move lower may have scope to materialize. We will remain short, allowing the position to play out.
--- 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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