EURUSD: Adding to Short Trade on Upswing
Strategy: Short at 1.3526, Targeting 1.2586
Floating Profit / Loss: +710 pips
We initially sold EURUSD at 1.3526 and moved our stop-loss to 1.3231 after the pair met our second objective at 1.2872, aiming for the next target at 1.2586. Prices are now showing a Bullish Engulfing candlestick pattern, hinting an upswing is ahead. We see any gains as corrective and will look to them as an opportunity to add to the position in the days ahead. Initial falling channel resistance stands at 1.2930.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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