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EURUSD: Holding Short as Prices Meet Third Target

EURUSD: Holding Short as Prices Meet Third Target

2012-05-31 00:57:00
Ilya Spivak, Head Strategist, APAC
Share:

Strategy: Short at 1.3073 (Avg), Targeting 1.2244

Floating Profit / Loss: +705 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 the stop-loss downward to lock in some gains after prices overcame our second objective. EURUSD has now closed below our third downside target at 1.2481 and we will revise the stop-loss further to be triggered on a daily close above 1.2674. The next downside objective is 1.2244, the 76.4% Fibonacci expansion level.

EURUSD_Holding_Short_as_Prices_Meet_Third_Target_body_Picture_5.png, EURUSD: Holding Short as Prices Meet Third Target

Daily Chart - Created Using FXCM Marketscope 2.0

--- 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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