EURUSD: Holding Short as Prices Meet Third Target
Strategy: Short at 1.3073 (Avg), Targeting 1.2244
Floating Profit / Loss: +705 pips
We initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair sold off after forming a bearish Harami candlestick pattern and we have subsequently revised the stop-loss downward to lock in some gains after prices overcame our second objective. EURUSD has now closed below our third downside target at 1.2481 and we will revise the stop-loss further to be triggered on a daily close above 1.2674. The next downside objective is 1.2244, the 76.4% Fibonacci expansion level.
Daily Chart – Created Using FXCM Marketscope 2.0