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

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.11470.00

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
    1.4240-0.0006-0.04%
    USDSGD=X
    1.5873-0.0006-0.04%
    EURSGD=X
    2.1601-0.0008-0.04%
    GBPSGD=X
    83.5324-0.0308-0.04%
    SGDJPY=X
    5.4425+0.002+0.04%
    SGDHKD=X
    3.0270+0.0012+0.04%
    SGDMYR=X
    9,934.4717+6.377+0.06%
    SGDIDR=X
    4.4637+0.0017+0.04%
    SGDCNY=X
    0.9842-0.0004-0.04%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,121.00-3.50-0.31%
    GCZ15.CMX
    14.55-0.16-1.07%
    SIZ15.CMX
    45.33-0.30-0.65%
    ^XAU
    2.31-0.07-3.06%
    HGZ15.CMX
    45.67-1.08-2.31%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.46-0.02
    ^FVX
    2.13-0.04
    ^TNX
    2.89-0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.130.00-1.52%
    5DN.SI
    0.32+0.01+3.23%
    5WA.SI
    2.04-0.09-4.23%
    MC0.SI
    0.148-0.004-2.63%
    F13.SI
    3.69-0.01-0.27%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.128+0.016+14.29%
    40U.SI
    0.29+0.03+11.54%
    AYD.SI
    0.33+0.03+10.00%
    MV4.SI
    1.25+0.10+8.70%
    AYB.SI
    0.38+0.03+8.57%
    IX2.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.32-0.13-28.89%
    K1Q.SI
    0.161-0.044-21.46%
    L02.SI
    7.40-1.60-17.78%
    S07.SI
    0.245-0.025-9.26%
    S71.SI
    0.109-0.010-8.40%
    5I3.SI