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EURUSD: Adding to Short Trade to Aim Below 1.21

EURUSD: Adding to Short Trade to Aim Below 1.21

Ilya Spivak, Head Strategist, APAC

Strategy: Short at 1.2434 (avg), Targeting 1.2059

Floating Profit / Loss: +160 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 showing a Bearish Engulfing candlestick pattern below support-turned-resistance at 1.2335 reinforced by a falling trend line set from early May, hinting a turn lower is ahead. We add to our short position here and trail the stop-loss to be activated on a daily close above 1.2389, aiming for an initial objective at 1.2059.

EURUSD_Adding_to_Short_Trade_to_Aim_Below_1.21_body_Picture_5.png, EURUSD: Adding to Short Trade to Aim Below 1.21

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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