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EURUSD: Entering Short on Trend Line Break

EURUSD: Entering Short on Trend Line Break

2012-03-07 00:08:00
Ilya Spivak, Sr. Currency Strategist
Share:

Strategy: Short at 1.3121, Targeting 1.2864

Prices followed the formation of a Bearish Engulfing candlestick with a break below support at a rising trend line set from the mid-January swing low. We will enter short from here, initially targeting the 38.2% Fibonacci expansion at 1.2864. A stop-loss will be activated on a daily close above 1.3378.

EURUSD_Entering_Short_on_Trend_Line_Break_body_Picture_5.png, EURUSD: Entering Short on Trend Line Break

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

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

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