Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

EURUSD: Short Position Nears First Target

By , Currency Strategist
13 May 2012 02:52 GMT

Strategy: Short at 1.3073 (Avg), Targeting 1.2865

Floating Profit / Loss: +188 pips

We initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair sold off after putting in a bearish Harami candlestick pattern and is now approaching our initial objective at 1.2865, the 38.2% Fibonacci expansion level. We will look for a daily close below this boundary to move our stop-loss to the breakeven level and target 1.2674, the 50% Fib, from there. For now, the stop remains set to be activated on a daily close above 1.3378.

EURUSD_Short_Position_Nears_First_Target_body_Picture_5.png, EURUSD: Short Position Nears First Target

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

To contact Ilya, e-mail ispivak@dailyfx.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 ispivak@dailyfx.com

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

13 May 2012 02:52 GMT