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EURUSD: Hold Short as Prices Hit First Target

EURUSD: Hold Short as Prices Hit First Target

2012-05-15 02:21:00
Ilya Spivak, Head Strategist, APAC
Share:

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.

EURUSD_Hold_Short_as_Prices_Hit_First_Target_body_Picture_5.png, EURUSD: Hold Short as Prices Hit First Target

--- 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

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