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EURUSD: Candle Setup Hints at Turn Lower

By , Currency Strategist
01 May 2012 06:36 GMT

Strategy: Short at 1.3073 (Avg), Targeting 1.2864

Floating Profit / Loss: -179 pips

We initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair is now showing a bearish Harami candlestick pattern below resistance at a falling trend line set from the late February top, hinting a turn lower is ahead. We will continue to hold short, looking for a break of support at 1.3025 to expose our initial objective at 1.2864. A stop-loss will be activated on a daily close above 1.3378.

EURUSD_Candle_Setup_Hints_at_Turn_Lower_body_Picture_5.png, EURUSD: Candle Setup Hints at Turn Lower

--- 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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01 May 2012 06:36 GMT