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EURUSD: Bears Regain Control Below 1.38 Figure

EURUSD: Bears Regain Control Below 1.38 Figure

2010-03-19 12:28:00
Ilya Spivak, Sr. Currency Strategist
Share:

EUR/USD

Strategy: Short at 1.4881, Targeting below 1.3404
Weekly Profit / Loss: +137 pips
Total Profit / Loss:
+1323 pips

We initially sold EURUSD at 1.4881. The pair finished last week with a break through resistance at the upper boundary of a falling channel set from the swing high in early December but bullish momentum failed at the 1.38 figure. Prices have since reversed sharply lower and are now re-testing resistance-turned-support at the channel top. We will remain short, continuing to target a move below 1.3404. As before, a stop-loss will be activated on a daily close above 1.4251.

031810 EUR


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