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EURUSD: Bulls Threaten Stop-Loss Level

EURUSD: Bulls Threaten Stop-Loss Level

2012-03-30 12:07:00
Ilya Spivak, Head Strategist, APAC
Share:

Strategy: Short at 1.3073 (Avg), Targeting 1.2864

Floating Profit / Loss: -265 pips

We initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair is dangerously close to our stop-loss level at 1.3378 but a daily close above it has not materialized, leaving our initial trade parameters intact. Prices put in a bearish Harami candlestick pattern below resistance at 1.3359, the confluence of the 14.6% Fibonacci retracement and a falling trend line set from late August, hinting a move lower may have scope to materialize. We will remain short, allowing the position to play out.

EURUSD_Bulls_Threaten_Stop-Loss_Level_body_Picture_5.png, EURUSD: Bulls Threaten Stop-Loss Level

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

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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