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Forex Analysis: EURUSD Short Hits First Target

By , Currency Strategist
08 November 2012 09:50 GMT

Strategy: Short at 1.2982, Targeting 1.2619

Floating Profit / Loss: +252 pips

We entered short EURUSD at 1.2982. Prices have now overcome our initial objective and we will revise the soft target lower to 1.2619, the 38.2% Fibonacci expansion. A daily close below that level will prompt further revision downward. The stop-loss will be trailed to 1.2982, the breakeven point.

Forex_Analysis_EURUSD_Short_Hits_First_Target_body_Picture_5.png, Forex Analysis: EURUSD Short Hits First Target

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 November 2012 09:50 GMT