EURUSD: Hold Short as Prices Hit First Target
Strategy: Short at 1.3073 (Avg), Targeting 1.2674
Floating Profit / Loss: +244 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 has now met our initial objective with a daily close below 1.2865, the 38.2% Fibonacci expansion level. We will now move our stop-loss lower to be activated on a daily close above 1.3073 and hold short targeting 1.2674, the 50% Fib.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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