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EURUSD: Upswing to be Used to Add to Short

EURUSD: Upswing to be Used to Add to Short

Ilya Spivak, Head Strategist, APAC

Strategy: Short at 1.3073 (Avg), Targeting 1.2481

Floating Profit / Loss: +487 pips

We initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair sold off after forming a bearish Harami candlestick pattern and we have subsequently revised our stop-loss to be triggered on a daly close above 1.2865 after prices overcame our second objective. Positive RSI divergence now suggests an upswing is ahead, which we will treat as an opportunity to add to the short position once correction is exhausted. The 1.2674 level has been recast as near-term resistance.

EURUSD_Upswing_to_be_Used_to_Add_to_Short_body_Picture_5.png, EURUSD: Upswing to be Used to Add to Short

--- 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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