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

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.1558+0.0031

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.

...

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.

...

SEE CHART HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3410-0.0012-0.09%
    USDSGD=X
    1.5498+0.0028+0.18%
    EURSGD=X
    1.9746+0.0063+0.32%
    GBPSGD=X
    78.8501-0.4706-0.59%
    SGDJPY=X
    5.7861+0.0045+0.08%
    SGDHKD=X
    2.9261+0.0066+0.23%
    SGDMYR=X
    9,821.0293+47.5059+0.49%
    SGDIDR=X
    4.8251+0.0014+0.03%
    SGDCNY=X
    1.0170-0.0114-1.11%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,297.20+1.40+0.11%
    GCM16.CMX
    17.680.00+0.02%
    SIN16.CMX
    90.73-2.12-2.28%
    ^XAU
    2.25-0.01-0.62%
    HGN16.CMX
    44.94+0.16+0.36%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.32+0.04
    ^FVX
    1.87+0.05
    ^TNX
    2.72+0.05
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.111+0.004+3.74%
    5I0.SI
    0.44-0.02-4.35%
    N21.SI
    0.134+0.003+2.29%
    40E.SI
    0.101-0.001-0.98%
    5DN.SI
    0.735-0.010-1.34%
    Y92.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.77+0.07+10.79%
    5ER.SI
    0.187+0.017+10.00%
    A55.SI
    0.405+0.035+9.46%
    42W.SI
    1.535+0.115+8.10%
    BAI.SI
    0.22+0.02+7.32%
    5UZ.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.295-0.100-25.32%
    BCD.SI
    0.785-0.165-17.37%
    ATL.SI
    0.235-0.045-16.07%
    5PC.SI
    0.265-0.025-8.62%
    S29.SI
    0.27-0.02-8.47%
    BKW.SI