EURUSD: Hold Short as Upswing Losses Steam
Strategy: Short at 1.3073 (Avg), Targeting 1.2244
Floating Profit / Loss: +592 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 staged a mild recovery to retest support-turned-resistance at 1.2623 and now appear to be reversing lower anew having put in a bearish Shooting Star candlestick. We will remain short, targeting 1.2244. A stop-loss will be triggered on a daily close above 1.2674.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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