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EURUSD: Head and Shoulders Top Back in Play

EURUSD: Head and Shoulders Top Back in Play

2012-04-06 08:57:00
Ilya Spivak, Head Strategist, APAC

Strategy: Short at 1.3073 (Avg), Targeting 1.2864

Floating Profit / Loss: +11 pips

We initially sold EURUSD at 1.3121 and added to the position at 1.3026. As we suspected last week, prices declined after putting in a bearish Harami candlestick pattern. The pair now appears to be carving a Head and Shoulders top once again, with a daily close below neckline support at 1.3025 confirming the setup. We will remain short, aiming for an initial objective at 1.2864 for now. As before, a stop-loss will be activated on a daily close above 1.3378.

EURUSD_Head_and_Shoulders_Top_Back_in_Play_body_Picture_5.png, EURUSD: Head and Shoulders Top Back in Play

--- 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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