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EURUSD: Hold Short as Selling Accelerates

EURUSD: Hold Short as Selling Accelerates

Ilya Spivak, Head Strategist, APAC

Strategy: Short at 1.3073 (Avg), Targeting 1.2865

Floating Profit / Loss: +92 pips

We initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair sold off after putting in a bearish Harami candlestick pattern identified last week, with sellers now testing below support at 1.3025. We will continue to hold short, looking for a daily close through this level to expose our initial objective at 1.2865. A stop-loss will be activated on a daily close above 1.3378.

EURUSD_Hold_Short_as_Selling_Accelerates_body_Picture_5.png, EURUSD: Hold Short as Selling Accelerates

--- 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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