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Strategy: Short at 1.2595, Targeting 1.2130
Floating Profit / Loss: +397 pips
We re-entered short EURUSD at 1.2595. Prices have now overcome our second target at 1.2364 and we have moved our stop-loss to breakeven, set to be triggered on a daily close above 1.2595. The next downside objective is 1.2130, the 61.8% Fibonacci expansion. Near-term resistance lines up at 1.2249, the 50% level.
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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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