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EURUSD: Looking for Drop Below 1.29 Ahead

EURUSD: Looking for Drop Below 1.29 Ahead

Ilya Spivak, Head Strategist, APAC

Strategy: Short at 1.3073 (Avg), Targeting 1.2865

Floating Profit / Loss: +82 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 has now overturned the Hammer candle formed above support at 1.3025 – a setup hinting at a possible recovery – with a break to the downside. We will continue to hold short, looking for prices to hit our initial objective at 1.2865 from here. A stop-loss will be activated on a daily close above 1.3378.

EURUSD_Looking_for_Drop_Below_1.29_Ahead_body_Picture_5.png, EURUSD: Looking for Drop Below 1.29 Ahead

--- 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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