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EURUSD: Continue Holding Short for Now

EURUSD: Continue Holding Short for Now

Ilya Spivak, Head Strategist, APAC

I initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair is dangerously close to my stop-loss level at 1.3378 but a daily close above it has not materialized, leaving the initial trade parameters intact. Prices put in a bearish Harami candlestick pattern below resistance at 1.3359, the confluence of the 14.6% Fibonacci retracement and a falling trend line set from late August, hinting a move lower may have scope to materialize. I will remain short, allowing the position to play out.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.