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Forex Strategy: Still Holding Short EUR/USD

Forex Strategy: Still Holding Short EUR/USD

2014-01-22 12:30:00
Ilya Spivak, Head Strategist, APAC

I entered short EURUSD at 1.3757 in line with my fundamental outlook as prices put in a Bearish Engulfing candlestick pattern, hinting a double top may be in place near the 1.38 figure. The pair has started to make its way lower as expected and I will continue to hold short, initially targeting 1.3209 (the 23.6% Fibonacci expansion formed by the April 2011 high, the July 2012 low, and the December 2013 swing top).

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