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EURUSD: Continue Holding Short Position

EURUSD: Continue Holding Short Position

2011-12-05 09:23:00
Ilya Spivak, Sr. Currency Strategist
Share:

Strategy: Short at 1.3526, Targeting 1.3144

Floating Profit / Loss: +81 pips

We initially sold EURUSD at 1.3526. The pair stalling near resistance at 1.3455, a barrier reinforced by the top of a near-term rising channel, with a Doji candlestick pointing to bullish indecision and hinting that reversal lower may be ahead. We will remain short, maintaining an initial target at 1.3144 and a stop to be activated on a daily close above 1.3882.

EURUSD_Continue_Holding_Short_Position_body_Picture_5.png, EURUSD: Continue Holding Short Position

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me 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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