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EURUSD: Holding Short Trade Through Upswing

EURUSD: Holding Short Trade Through Upswing

Ilya Spivak, Head Strategist, APAC

Strategy: Short at 1.2595, Targeting 1.2041

Floating Profit / Loss: +298 pips

We re-entered short EURUSD at 1.2595 and moved our stop-loss to breakeven (though still to be triggered only on a daily closing basis) after the pair met our second objective. Prices are now testing resistance in the 1.2290-2335 area marked by the 38.2% Fibonacci expansion and the May 31 low. A break higher exposes 1.2442. We see the bounce as corrective and will continue to hold short for now, looking for the upswing to yield an opportunity to add to the short position. Near-term support lines up at 1.2148, the 50% Fib expansion.

EURUSD_Holding_Short_Trade_Through_Upswing_body_Picture_5.png, EURUSD: Holding Short Trade Through 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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