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EURUSD: Small New Short Position Triggered

By , Currency Strategist
29 June 2012 11:49 GMT

Strategy: Short at 1.2595, Targeting 1.2442

We booked profits on our previous short EURUSD position last week. Prices appeared to complete an upward correction with a break of rising channel support on June 21 and have now rebounded to improve risk/reward parameters for re-entry. We will try a small new short position here, initially targeting 1.2442. A stop-loss will be activated on a daily close above 1.2746.

EURUSD_Small_New_Short_Position_Triggered_body_Picture_5.png, EURUSD: Small New Short Position Triggered

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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29 June 2012 11:49 GMT