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EUR/USD: Prices Nudge Target, Trend Line Looms Ahead

EUR/USD: Prices Nudge Target, Trend Line Looms Ahead

2010-05-14 07:20:00
Ilya Spivak, Sr. Currency Strategist
Share:

Strategy: Short at 1.4881, Targeting below 1.2531
Weekly Profit / Loss: +173 pips
Total Profit / Loss:
+2327 pips

We initially sold EURUSD at 1.4881. The pair now finds itself just at our soft target level (1.2531) but we have not seen a conclusive break of this level for now. Beyond that, we see near-term support at a falling trend line connecting major swing lows from December of last year (now at 1.2414) We will continue holding short, looking for a convincing move beyond 1.2531 to update our critical levels. For now, a stop-loss will be activated on a daily close above 1.3364.

05142010 EUR


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