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Short EURUSD Position Triggered

Short EURUSD Position Triggered

Ilya Spivak, Head Strategist, APAC

EURUSD put in a Bearish Engulfing candlestick pattern below resistance at the top of a Rising Wedge pattern carved out since late July, hinting a move lower is ahead. A rebound following the setup’s formation has improved risk/reward parameters, allownig me to enter a small short position to initially target 1.2398. A daily close below this barrier would complete the Wedge reversal and I would likely add to the trade at that point as the larger EURUSD down trend continues. A stop-loss will be activated on a daily close above 1.2588. I also continue to hold a short AUDCAD position.

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