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EURUSD: Look to Add More to Short Trade

EURUSD: Look to Add More to Short Trade

2011-10-13 11:01:00
Ilya Spivak, Sr. Currency Strategist
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I initially sold EURUSD at 1.4328 and revised my soft target to the 1.30 figure after the trade’s second objective was met last week. I added to the position yesterday below the 38.2% Fibonacci retracement at 1.3681 and will look to do so again on signs of exhaustion in the upswing now that the pair is flirting with the 50% level at 1.3847, looking to increase exposure in preparation for the next leg of the down move. A stop-loss will still be activated on a daily close above 1.3975.

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