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EURUSD: Stay Short as Bears Eye Key Support

EURUSD: Stay Short as Bears Eye Key Support

2011-02-22 05:59:00
Ilya Spivak, Sr. Currency Strategist
Share:

Strategy: Short at 1.3568, Targeting 1.3280

Floating Profit / Loss: -18 pips

We sold EURUSD at 1.3568. Prices have pulled back after last week’s upswing as the greenback capitalized on safe-haven demand amid the broadening crisis in Libya, with the pair testing resistance-turned-support at the top of a falling channel established from the top set earlier this month (now at 1.3573). We will remain short, looking for a break below this juncture to initially clear the way back below the 1.35 figure en route toward our soft target at 1.3280. As before, a stop-loss will be activated on a daily close above 1.3744.

EURUSD_Stay_Short_as_Bears_Eye_Key_Support_body_EUR.png, EURUSD: Stay Short as Bears Eye Key Support

To discuss these strategies with other traders, please visit theCandlestick Forum

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

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