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EURUSD: Adding to Short Trade on Upswing

EURUSD: Adding to Short Trade on Upswing

2012-01-13 09:53:00
Ilya Spivak, Head Strategist, APAC
Share:

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.

EURUSD_Adding_to_Short_Trade_on_Upswing_body_Picture_5.png, EURUSD: Adding to Short Trade on Upswing

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

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

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