Forex Strategy: Looking to Re-Enter EUR/USD Short

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.0973-0.0005

My short EURUSD position at 1.2982 was stopped out on a close above major falling trend line resistance set from May 2011. The upward breakout may be proving false however, with prices reversing sharply lower after putting in a bearish Dark Cloud Cover candlestick pattern at the top of a falling channel set from mid-September.

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Sellers have now broken a rising trend line set from the November 13 low, hinting at a larger move lower ahead. In the interest of improving risk/reward parameters, I will set up an entry order to enter short at 1.2978, initially targeting the 23.6% Fibonacci retracement at 1.2830. Once the trade is triggered, a stop-loss will be activated on a daily close above 1.3125.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3726+0.0035+0.26%
    USDSGD=X
    1.5054+0.0025+0.17%
    EURSGD=X
    2.1426+0.0069+0.32%
    GBPSGD=X
    90.4597-0.1104-0.12%
    SGDJPY=X
    5.6471-0.0148-0.26%
    SGDHKD=X
    2.78580.000.00%
    SGDMYR=X
    9,805.8447-47.7061-0.48%
    SGDIDR=X
    4.5234-0.0113-0.25%
    SGDCNY=X
    1.0014+0.0034+0.34%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,085.60-7.70-0.70%
    GCZ15.CMX
    14.62-0.12-0.83%
    SIU15.CMX
    48.37+0.90+1.91%
    ^XAU
    2.40-0.01-0.39%
    HGU15.CMX
    48.83+0.04+0.08%
    CLU15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.61+0.02
    ^FVX
    2.28+0.03
    ^TNX
    2.99+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.52-0.07-11.86%
    N21.SI
    0.31-0.01-4.62%
    E5H.SI
    0.140.00+2.94%
    5DN.SI
    0.91+0.03+3.41%
    5ME.SI
    0.310.00-1.59%
    5WA.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.199+0.049+32.67%
    5MQ.SI
    0.45+0.09+25.00%
    K1Q.SI
    0.65+0.09+16.07%
    L5I.SI
    0.295+0.035+13.46%
    PA3.SI
    0.445+0.050+12.66%
    42C.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.23-0.06-20.69%
    5NF.SI
    0.128-0.018-12.33%
    5TJ.SI
    0.16-0.02-11.11%
    AVX.SI
    0.52-0.07-11.86%
    N21.SI
    0.435-0.050-10.31%
    MN5.SI