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Adding to Short EURUSD Position

Adding to Short EURUSD Position

2012-07-31 11:01:00
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 my second objective. Prices are now showing a Bearish Engulfing candlestick pattern below support-turned-resistance at 1.2335 reinforced by a falling trend line set from early May, hinting a turn lower is ahead. I will add to my short position here (1.2274) and trail the stop-loss to be activated on a daily close above 1.2389, aiming for an initial objective at 1.2059.

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