Strategy: Short at 1.2982, Targeting 1.2619
Floating Profit / Loss: +252 pips
We entered short EURUSD at 1.2982. Prices have now overcome our initial objective and we will revise the soft target lower to 1.2619, the 38.2% Fibonacci expansion. A daily close below that level will prompt further revision downward. The stop-loss will be trailed to 1.2982, the breakeven point.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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