EUR/USD Long Trade Held Amid Correction
EUR/USD Technical Strategy: Long at 1.2934, Targeting Above 1.3201
Floating Profit / Loss: +68 pips
We entered long EURUSD at 1.2934. Prices are testing support at 1.2973, the intersection of the 23.6% Fibonacci expansion and a formerly broken falling trend line. The pullback appears corrective at this stage and we will continue to hold long for now. A break downward exposes the 38.2% Fib at 1.2832. Near-tem resistance is at 1.3201, the April 16 high. The stop-loss has been adjusted to the breakeven level.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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