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Continue Holding SHort EURUSD For Now

Continue Holding SHort EURUSD For Now

2012-07-24 11:21:00
Ilya Spivak, Head Strategist, APAC
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I re-entered short EURUSD at 1.2595 and moved our stop-loss to breakeven after the pair met the second objective. Prices have now narrowly overcome the third target witha close below the 50% Fibonacci expansion at 1.2146, but I will opt not to change trade parameters for now. Prices remain above key channel support and a Hammer candlestick warns that a rebound may be ahead (which I would treat as an opportunity to add to my position). I will continue to hold short and see how things develop in the days ahead.

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