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EURUSD: Short Triggered on Rebound

EURUSD: Short Triggered on Rebound

2011-02-17 01:03:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Short at 1.3568, Targeting 1.3280

EURUSD looks to have completed a Head and Shoulders top last week with a break through the formation’s neckline at 1.3571. A pullback to retest this boundary from familiar resistance-turned-support at 1.3448 has created a short entry opportunity and we will sell the pair from here, initially targeting 1.3280. A stop-loss will be activated on a daily close above 1.3734.

EURUSD_Short_Triggered_on_Rebound_body_02172011_EUR.png, EURUSD: Short Triggered on Rebound

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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