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EUR/USD: Sellers Set Sights on Key 1.20 Figure

EUR/USD: Sellers Set Sights on Key 1.20 Figure

2010-05-26 09:02:00
Ilya Spivak, Sr. Currency Strategist
Share:

Strategy: Short at 1.4881, Targeting 1.2000
Weekly Profit / Loss: +233 pips
Total Profit / Loss:
+2583 pips

I initially sold EURUSD at 1.4881. The pair took out my latest revised target at 1.2531 to drop to support at a falling trend line connecting major swing lows since late 2009. A bounce from this boundary has stalled 1.2624, a support-turned-resistance level, with prices now poised to make a move lower toward the trend line once again. I will remain short, revising my soft target to the psychologically significant 1.20 figure and trailing the stop-loss lower to be activated on a daily close above 1.3097.

05252010 EUR


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