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EURUSD: Stay Short as Double Top Forms

EURUSD: Stay Short as Double Top Forms

2011-03-17 03:42:00
Ilya Spivak, Sr. Currency Strategist
Share:

Strategy: Short at 1.3829, Targeting 1.3489

Floating Profit / Loss: -92 pips

We sold EURUSD at 1.3829. As we suspected yesterday, prices reversed lower after putting in 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. Over the near term, we will look for a break through support at a rising trend line set from January’s swing bottom (now at 1.3879), a barrier reinforced by the Feb 2 high at 1.3862, to expose 1.3744. A daily close below the latter boundary clears the way toward our soft target at 1.3489. As before, a stop-loss will be activated on a daily close above 1.4036.

EURUSD_Stay_Short_as_Double_Top_Forms_body_03162011_EUR.png, EURUSD: Stay Short as Double Top Forms

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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