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EURUSD: Candles Signal Turn Lower Ahead
Written by article default Tuesday, 31 January 2012 07:18
Strategy: Short at 1.3526, Targeting 1.2586
Floating Profit / Loss: +381 pips
We initially sold EURUSD at 1.3526. Prices have now completed a bearish Dark Cloud Cover candlestick pattern below resistance at 1.3231, the late-November swing bottom and our revised stop-loss level, hinting the corrective upswing that played out over the past two weeks may be ready to give way to the dominant down trend once more. We will continue to hold short, targeting 1.2586. A daily close above 1.3231 triggers the stop-loss. Initial support lines up in the 1.2927-2966 area.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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