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Forex Analysis: EURUSD Short Trade Triggered

By , Currency Strategist
31 October 2012 01:48 GMT

Strategy: Short at 1.2982, Targeting 1.2826

Prices completed a bearish Three Inside Down candlestick pattern and broke through upward-sloping support set from the June swing bottom, hinting a significant reversal is at hand. Our short entry order at 1.2982 has now been triggered and we will target an initial downside objective at 1.2826, the 23.6% Fibonacci expansion. A stop-loss will be activated on a daily close above 1.3138.

Forex_Analysis_EURUSD_Short_Trade_Triggered_body_Picture_5.png, Forex Analysis: EURUSD Short Trade 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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31 October 2012 01:48 GMT