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EURUSD: Rebound Seen as Chance to Sell

EURUSD: Rebound Seen as Chance to Sell

Ilya Spivak, Head Strategist, APAC

Strategy: Short at 1.3073 (Avg), Targeting 1.2865

Floating Profit / Loss: +16 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 and now shows a Hammer above support at 1.3025, hinting a bounce may be ahead. We will continue to hold short, treating any bounce from here as an opportunity to add to the position. Near-term falling trend line resistance is now at 1.3257. Alternatively, a daily close below 1.3025 exposes our initial objective at 1.2865. A stop-loss will be activated on a daily close above 1.3378.

EURUSD_Rebound_Seen_as_Chance_to_Sell_body_Picture_5.png, EURUSD: Rebound Seen as Chance to Sell

--- 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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