EURUSD: Possible Top Set Below 1.3231
Strategy: Short at 1.3526, Targeting 1.2623
Floating Profit / Loss: +394 pips
We initially sold EURUSD at 1.3526. Prices have now completed a bearish Three Inside Down candlestick pattern below resistance at 1.3231, the late-November swing bottom and our revised stop-loss level, hinting the corrective upswing that played out over the past two weeks may be running out of steam. We will continue to hold short, revising our soft target slightly higher to 1.2623, the latest swing low. A daily close above 1.3231 triggers the stop-loss. Initial support lines up in the 1.2927-2966 area.
--- 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.