EURUSD: Adding to Short Trade on Bounce
Strategy: Short at 1.3526, Targeting 1.2872
Floating Profit / Loss: +522 pips
We initially sold EURUSD at 1.3526 and revised our stop-loss to the breakeven level after the pair met our first objective at 1.3144. Prices are now showing a bullish Three Inside Up candlestick pattern above support at a falling trend line connecting key swing lows since November, hinting an upswing is ahead. We maintain a bearish bias and will look at any corrective gains as an opportunity to add to the short position. Initial resistance lines up in the 1.3144-1.3231 region.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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