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EURUSD: Holding Short

EURUSD: Holding Short

2012-03-16 11:01:00
Ilya Spivak, Sr. Currency Strategist
Share:

I initially sold EURUSD at 1.3121 and added to the position at 1.3026 as the pair completed a Head and Shoulders topping chart formation. A stop-loss will be triggered on a daily close above 1.3378. The near-term downward trajectory remains intact for now, defined by a falling trend line set from the February 29 high and reinforced by a confluence of Fibonacci levels in the 1.3103-1.3156 area. I will continue holding short, initially targeting 1.2864. A stop-loss will be activated on a daily close above 1.3378.

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