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EURUSD: Remain Short Below 1.4036

EURUSD: Remain Short Below 1.4036

2011-03-16 02:26:00
Ilya Spivak, Sr. Currency Strategist
Share:

Strategy: Short at 1.3829, Targeting 1.3489

Floating Profit / Loss: -148 pips

We sold EURUSD at 1.3829. Prices are showing a bearish Hanging Man candlestick following a retest of support-turned-resistance at the bottom of a rising channel set from the lows in mid-February. We see recent gains as corrective barring a daily close above 1.4036, with a sustained break back below 1.3750 rekindling bearish momentum for a run toward our soft target at 1.3489.

EURUSD_Remain_Short_Below_1.4036_body_03152011_EUR.png, EURUSD: Remain Short Below 1.4036

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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