EURUSD: Short Position Nears First Target
Strategy: Short at 1.3073 (Avg), Targeting 1.2865
Floating Profit / Loss: +188 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 and is now approaching our initial objective at 1.2865, the 38.2% Fibonacci expansion level. We will look for a daily close below this boundary to move our stop-loss to the breakeven level and target 1.2674, the 50% Fib, from there. For now, the stop remains set to be activated on a daily close above 1.3378.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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