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Strategy: Short at 1.2434 (avg), Targeting 1.2059
Floating Profit / Loss: +160 pips
We re-entered short EURUSD at 1.2595 and moved our stop-loss to breakeven (though still to be triggered only on a daily closing basis) after the pair met our second objective. Prices are now showing a Bearish Engulfing candlestick pattern below support-turned-resistance at 1.2335 reinforced by a falling trend line set from early May, hinting a turn lower is ahead. We add to our short position here and trail the stop-loss to be activated on a daily close above 1.2389, aiming for an initial objective at 1.2059.
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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