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EURUSD: Looking to Add to Short Position

EURUSD: Looking to Add to Short Position

2011-10-07 07:35:00
Ilya Spivak, Sr. Currency Strategist
Share:

Strategy: Short at 1.4328, Targeting 1.3000

Floating Profit / Loss: +876 pips

We initially sold EURUSD at 1.4328 and revised our soft target to the 1.30 figure after the trade’s second objective was met last week. A Bullish Engulfing candlestick pattern at the bottom of a minor falling channel hints an upswing is ahead, with initial resistance at the 38.2% Fibonacci retracement level (1.3447). We will treat any further upside as corrective within the context of a larger down trend and monitor positioning for signs of exhaustion in the bull move to add to our short position.A stop-loss will be activated on a daily close above 1.3975.

EURUSD_Looking_to_Add_to_Short_Position_body_Picture_5.png, EURUSD: Looking to Add to Short Position

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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