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EURUSD: Possible Bounce a Selling Opportunity

EURUSD: Possible Bounce a Selling Opportunity

Ilya Spivak, Head Strategist, APAC

Strategy: Short at 1.3073 (Avg), Targeting 1.2674

Floating Profit / Loss: +333 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 we revised our objective to 1.2674 – the 50% Fibonacci expansion level – as well as trailed our stop-loss to breakeven (1.3073) after prices met the initial downside objective. EURUSD is now showing a Spinning Top candlestick above support, hinting a corrective bounce may be ahead. We will treat any advance as an opportunity to add to the short in the days ahead. Initial resistance lines up in the 1.2823-65 area. Alternatively, a break below support exposes the next objective at 1.2483.

EURUSD_Possible_Bounce_a_Selling_Opportunity_body_Picture_5.png, EURUSD: Possible Bounce a Selling Opportunity

--- 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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