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

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SymbolPriceChange
EURUSD=X1.0551-0.0029

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 MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.225-0.045-16.67%
    N21.SI
    0.135+0.004+3.05%
    41F.SI
    0.191-0.007-3.54%
    40F.SI
    0.180.00-2.70%
    40E.SI
    0.1060.0000.00%
    5WA.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.60+0.28+87.50%
    AWC.SI
    0.48+0.17+54.84%
    BCD.SI
    0.35+0.08+29.63%
    BQO.SI
    0.515+0.065+14.44%
    T55.SI
    0.155+0.019+13.97%
    BKZ.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.225-0.045-16.67%
    N21.SI
    0.215-0.040-15.69%
    AWI.SI
    0.138-0.017-10.97%
    1C0.SI
    0.11-0.01-9.84%
    BRR.SI
    0.575-0.055-8.73%
    600.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4040-0.0035-0.25%
    USDSGD=X
    1.4795-0.0094-0.63%
    EURSGD=X
    1.7461-0.0204-1.15%
    GBPSGD=X
    79.5820-0.48-0.60%
    SGDJPY=X
    5.5214+0.0106+0.19%
    SGDHKD=X
    3.1593-0.0033-0.10%
    SGDMYR=X
    9,520.9463-3.3887-0.04%
    SGDIDR=X
    4.8855+0.0077+0.16%
    SGDCNY=X
    1.0768-0.0087-0.80%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,258.00+6.60+0.53%
    GCJ17.CMX
    18.34+0.23+1.26%
    SIH17.CMX
    88.62-0.99-1.10%
    ^XAU
    2.68+0.02+0.92%
    HGK17.CMX
    54.02-0.43-0.79%
    CLJ17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.80-0.07
    ^FVX
    2.32-0.07
    ^TNX
    2.95-0.07
    ^TYX