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EURUSD: Hold Short as Upswing Losses Steam

By , Currency Strategist
08 June 2012 09:49 GMT

Strategy: Short at 1.3073 (Avg), Targeting 1.2244

Floating Profit / Loss: +592 pips

We initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair sold off after forming a bearish Harami candlestick pattern and we have subsequently revised the stop-loss and target downward to lock in some gains. Prices staged a mild recovery to retest support-turned-resistance at 1.2623 and now appear to be reversing lower anew having put in a bearish Shooting Star candlestick. We will remain short, targeting 1.2244. A stop-loss will be triggered on a daily close above 1.2674.

EURUSD_Hold_Short_as_Upswing_Losses_Steam_body_Picture_5.png, EURUSD: Hold Short as Upswing Losses Steam

Daily Chart - Created Using FXCM Marketscope 2.0

--- 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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08 June 2012 09:49 GMT