EURUSD: Looking to Add to Short Position
Strategy: Short at 1.3526, Targeting 1.2872
Floating Profit / Loss: +586 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 Hammer candlestick above support at the bottom of a falling channel established in 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. Alternatively, a daily close below our soft target at 1.2872 will prompt another revision of the objective and the stop-loss level.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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 email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.