EURUSD: Remain Short as Selloff Resumes
I initially sold EURUSD at 1.4881. Prices found have resumed downward momentum after a short-lived bounce from support at a falling trend line established in November 2009 having met support-turned-resistance at 1.2624. I will remain short, aiming for a daily close below the 5/19 low at 1.2142 to expose the 1.20 figure. My soft target remains at 1.19 with a stop-loss activated on a daily close above 1.3097.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.