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EURUSD: Third Target Hit on Short Trade

EURUSD: Third Target Hit on Short Trade

2012-05-31 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 forming a bearish Harami candlestick pattern and I have subsequently revised the stop-loss downward to lock in some gains after prices overcame my second objective. EURUSD has now closed below my third downside target at 1.2481 and I will revise the stop-loss further to be triggered on a daily close above 1.2674. The next downside objective is 1.2244, the 76.4% Fibonacci expansion level.

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