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EURUSD: Short Entry Setup Identified

EURUSD: Short Entry Setup Identified

2011-03-11 00:31:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short at 1.3829, Targeting 1.3489

EURUSD broke through support at the bottom of a rising channel that had confined prices through February as well as the 2/2 swing top. While risk/reward considerations are narrowly skewed against entering short at current levels, we will set up an entry order to sell the pair at 1.3829. Once the position is triggered, we will initially target 1.3489, with a stop-loss to be activated on a daily close above 1.4036.

EURUSD_Short_Entry_Setup_Identified_body_03102011_EUR.png, EURUSD: Short Entry Setup Identified

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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