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EURUSD: Stay Short Below Channel Top

EURUSD: Stay Short Below Channel Top

2011-02-18 12:04:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Short at 1.3568, Targeting 1.3280

Weekly Profit / Loss: -11 pips

We sold EURUSD at 1.3568 earlier this week. A pullback from familiar resistance-turned-support at 1.3448 has is finding resistance at the top of a falling channel set from February’s swing high (now at 1.3610) and we will remain short, initially targeting 1.3280. A stop-loss will be activated on a daily close above 1.3734.

EURUSD_Stay_Short_Below_Channel_Top_body_02182011_EUR.png, EURUSD: Stay Short Below Channel Top

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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