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EURUSD: Holding Short as Prices Hint at Upswing

EURUSD: Holding Short as Prices Hint at Upswing

Ilya Spivak, Head Strategist, APAC

Strategy: Short at 1.3073 (Avg), Targeting 1.2244

Floating Profit / Loss: +569 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 and target downward to lock in some gains. Prices are now showing a bullish Morning Star candlestick pattern, hinting a bounce is ahead. We will continue to hold short for now, looking for the correction to yield a further selling opportunity. The stop-loss remains set to be triggered on a daily close above 1.2674.

EURUSD_Holding_Short_as_Prices_Hint_at_Upswing_body_Picture_5.png, EURUSD: Holding Short as Prices Hint at Upswing

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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