EURUSD: Continue Holding Short
I initially sold EURUSD at 1.4328 and trailed my stop-loss to breakeven after the pair met my initial objective, revising our soft target to 1.3416. EURUSD met that objective last week and I have established a new soft target at the 1.30 figure. The stop-loss has been trailed lower as well to be activated on a daily close above 1.3975.
A brief correction higher ran into resistance at 1.3350, the 14.6% Fibonacci retracement level of the dro from the August 29 swing high. Immediate resitance stands at 1.3145, Tuesday's sesson low, followed by a minor fallng channel bottom just below the 1.31 figure.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.