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EURUSD: Hold Short as Prices Probe 1.22 Mark

EURUSD: Hold Short as Prices Probe 1.22 Mark

Ilya Spivak, Head Strategist, APAC

Strategy: Short at 1.2595, Targeting 1.2130

Floating Profit / Loss: +397 pips

We re-entered short EURUSD at 1.2595. Prices have now overcome our second target at 1.2364 and we have moved our stop-loss to breakeven, set to be triggered on a daily close above 1.2595. The next downside objective is 1.2130, the 61.8% Fibonacci expansion. Near-term resistance lines up at 1.2249, the 50% level.

EURUSD_Hold_Short_as_Prices_Probe_1.22_Mark_body_eurusd.png, EURUSD: Hold Short as Prices Probe 1.22 Mark

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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