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EURUSD: Short Triggered on Wedge Break

EURUSD: Short Triggered on Wedge Break

2011-07-29 00:50:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Short at 1.4328, Targeting 1.4172

As we noted earlier, the move above the falling trend line connecting major highs since late April may have been a false breakout, with prices reversing sharply lower from horizontal resistance at 1.4537 and forming a pronounced Bearish Engulfing pattern. We have now seen follow-through on a break below the bottom of a Rising Wedge set from the July 12 low and will attempt a small short position for an initial target at 1.4172. A daily close below that level will open the door for a more aggressive objective at 1.3975. We will scale up to full position size on a break of the latter boundary. A stop-loss will be activated on a daily close above 1.4537.

EURUSD_Short_Triggered_on_Wedge_Break_body_Picture_5.png, EURUSD: Short Triggered on Wedge Break

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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