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

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.1233-0.0058

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
    1.3931-0.0037-0.27%
    USDSGD=X
    1.5648-0.0123-0.78%
    EURSGD=X
    2.0182-0.0026-0.13%
    GBPSGD=X
    81.8815-0.5319-0.65%
    SGDJPY=X
    5.5938+0.0113+0.20%
    SGDHKD=X
    2.9554-0.0317-1.06%
    SGDMYR=X
    9,658.6670-70.7275-0.73%
    SGDIDR=X
    4.7170+0.0728+1.57%
    SGDCNY=X
    0.9884+0.0002+0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,191.80-6.80-0.57%
    GCJ16.CMX
    15.22-0.23-1.51%
    SIH16.CMX
    54.08-0.26-0.48%
    ^XAU
    2.02-0.02-1.20%
    HGH16.CMX
    27.89-0.05-0.18%
    CLH16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.17+0.02
    ^FVX
    1.730.00
    ^TNX
    2.54-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    1.63-0.05-2.98%
    MC0.SI
    0.325-0.005-1.52%
    N21.SI
    3.66-0.04-1.08%
    Z74.SI
    0.685-0.020-2.84%
    G13.SI
    0.375-0.010-2.60%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.195+0.035+21.87%
    5WR.SI
    0.196+0.026+15.29%
    D79.SI
    0.28+0.03+14.29%
    5SY.SI
    54.640.000.00%
    NF6.SI
    0.39+0.04+11.43%
    AXJ.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    1.30-0.45-25.71%
    5SR.SI
    0.14-0.03-17.16%
    B69.SI
    3.63-0.22-5.71%
    H1O.SI
    0.192-0.023-10.70%
    AWQ.SI
    0.30-0.03-9.09%
    41A.SI