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EURUSD: Hold Short as Selling Pressure Rebuilds

EURUSD: Hold Short as Selling Pressure Rebuilds

Ilya Spivak, Head Strategist, APAC

Strategy: Short at 1.2434 (avg), Targeting 1.2059

Floating Profit / Loss: +257 pips

We re-entered short EURUSD at 1.2595 and added to the position after prices put in a Bearish Engulfing candlestick pattern below falling trend line resistance. The pair has started making progress to the downside and we will continue to hold short, aiming for a soft target at 1.2059. A stop-loss will be activated on a daily close above 1.2389.

EURUSD_Hold_Short_as_Selling_Pressure_Rebuilds_body_Picture_5.png, EURUSD: Hold Short as Selling Pressure Rebuilds

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

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