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Continue Holding Short EURUSD, Add on Bounce

Continue Holding Short EURUSD, Add on Bounce

2012-07-20 11:01:00
Ilya Spivak, Head Strategist, APAC
Share:

I re-entered short EURUSD at 1.2595 and moved my stop-loss to breakeven after the pair met my second objective. The pair now consolidating near the bottom of a falling channel set from late May and I will continue to hold short, targeting a daily close below the 50% Fibonacci expansion at 1.2146. A Bullish Engulfing candlestick pattern warns of a possible upswing ahead, which I will treat as an opportunity to add to the short position.

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