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EURUSD: Continue Holding Short Position

EURUSD: Continue Holding Short Position

Ilya Spivak, Head Strategist, APAC

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 and target downward to lock in some gains. Seesaw volatility in the wake of Spain's weekend bank bailout deal has left the pair little changed but I expect Greek election jitters to bring prices back under pressure in the days ahead. With that in mind I will remain short, targeting 1.2244 as the next downside objective. A stop-loss will be triggered on a daily close above 1.2674.

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