EUR/USD: Prices Nudge Target, Trend Line Looms Ahead
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.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.