EURUSD: Hold Short as Selling Pressure Rebuilds
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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