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

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.1181-0.0011

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
    1.3754+0.0018+0.13%
    USDSGD=X
    1.5378+0.0005+0.03%
    EURSGD=X
    2.0164+0.0018+0.09%
    GBPSGD=X
    79.7746-0.1351-0.17%
    SGDJPY=X
    5.6453-0.0093-0.16%
    SGDHKD=X
    2.9531-0.0039-0.13%
    SGDMYR=X
    9,869.8516-0.5576-0.01%
    SGDIDR=X
    4.7696-0.0025-0.05%
    SGDCNY=X
    0.9928+0.0004+0.04%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,224.10+1.40+0.11%
    GCQ16.CMX
    16.33-0.01-0.05%
    SIN16.CMX
    82.12-0.10-0.12%
    ^XAU
    2.12+0.02+0.76%
    HGN16.CMX
    49.18-0.30-0.61%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.34-0.06
    ^FVX
    1.82-0.05
    ^TNX
    2.63-0.04
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.305-0.005-1.61%
    N21.SI
    0.890.00+0.56%
    Y92.SI
    0.735+0.025+3.52%
    G13.SI
    1.0050.0000.00%
    C22.SI
    3.92+0.06+1.55%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.245+0.030+13.95%
    F86.SI
    0.335+0.030+9.84%
    F03.SI
    0.21+0.02+7.69%
    5NF.SI
    0.615+0.040+6.96%
    BMA.SI
    4.68+0.27+6.12%
    B61.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.41-0.11-21.90%
    AWE.SI
    0.22-0.04-15.38%
    BKZ.SI
    0.55-0.10-15.38%
    N0Z.SI
    0.145-0.019-11.59%
    5G1.SI
    0.141-0.014-9.03%
    5TR.SI