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Euro Sold vs Yen, Pound Short Trade Setup Altered

Euro Sold vs Yen, Pound Short Trade Setup Altered

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The Euro looks to have broken the rising trend carved out against the Japanese Yen since late October to early November, signaling that the long-term down move launched over a year ago may be resuming. Risk/reward parameters look sufficiently attractive and I have entered short at 122.65, initially targeting 119.77. A stop-loss will be activated on a daily close above 124.09, the December 15 high.

The British Pound broke below support at 1.2411, the 23.6% Fibonacci expansion. This exposes the next downside barrier at 1.2186, marked by the 38.2% level. The move alters the setup noted yesterday, with the short entry level now adjusted down to 1.2429. If activated, the trade will still carry a stop-loss triggered on a daily close above 1.2550 but 1.2186 will now serve as the initial objective.

In both instances, I will take profit on half of the position when (and if) prices hit the first target and move the stop-loss to the breakeven level on the remaining exposure.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.