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EURUSD: Support Break Exposes First Target

EURUSD: Support Break Exposes First Target

2012-05-09 11:01:00
Ilya Spivak, Head Strategist, APAC
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I initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair sold off after putting in a bearish Harami candlestick pattern identified last week and has now overturned the Hammer candle formed above support at 1.3025 – a setup hinting at a possible recovery – with a break to the downside. I will continue to hold short, looking for prices to hit my initial objective at 1.2865 from here. A stop-loss will be activated on a daily close above 1.3378.

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