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EURUSD: Looking to Add to Short on Bounce

EURUSD: Looking to Add to Short on Bounce

Ilya Spivak, Head Strategist, APAC

Strategy: Short at 1.2595, Targeting 1.2146

Floating Profit / Loss: +366 pips

We re-entered short EURUSD at 1.2595 and moved our stop-loss to breakeven after the pair met our second objective. The pair now consolidating near the bottom of a falling channel set from late May and we will continue to hold short, targeting a daily close below the 50% Fibonacci expansion at 1.2146. A Bullish Engulfing candlestick pattern warns of a possible upswing ahead, which we will treat as an opportunity to add to the short position.

EURUSD_Looking_to_Add_to_Short_on_Upswing_body_Picture_5.png, EURUSD: Looking to Add to Short on Bounce

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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