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EURUSD: Continue Holding Short on Upswing

EURUSD: Continue Holding Short on Upswing

2012-08-31 11:49:00
Ilya Spivak, Head Strategist, APAC
Share:

Strategy: Short at 1.2556, Targeting 1.2398

Floating Profit/Loss: -27 pips

We sold EURUSD at 1.2556 as prices put in a Bearish Engulfing candlestick pattern below resistance at the top of a Rising Wedge pattern carved out since late July. Prices are now rebounding to retest the Wedge top but the overall bearish setup remains intact absent a daily close above the Engulfing pattern’s high (1.2588, our stop-loss) and we will continue to hold short. The initial target remains at 1.2398.

EURUSD_Continue_Holding_Short_on_Upswing_body_Picture_5.png, EURUSD: Continue Holding Short on 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

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