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

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.1068-0.0112

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
    1.3679+0.0054+0.40%
    USDSGD=X
    1.5146-0.0087-0.57%
    EURSGD=X
    2.0877-0.0054-0.26%
    GBPSGD=X
    87.5247-0.2955-0.34%
    SGDJPY=X
    5.6689-0.0228-0.40%
    SGDHKD=X
    2.6807+0.0211+0.79%
    SGDMYR=X
    9,584.7812+54.502+0.57%
    SGDIDR=X
    4.5852-0.02-0.44%
    SGDCNY=X
    1.0699+0.0047+0.44%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,220.00+6.90+0.57%
    GCJ15.CMX
    16.74+0.18+1.10%
    SIK15.CMX
    72.97-0.84-1.13%
    ^XAU
    2.71+0.02+0.65%
    HGK15.CMX
    49.23-0.53-1.07%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.61-0.01
    ^FVX
    2.120.00
    ^TNX
    2.720.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    100.014+0.0020.00%
    41H.SI
    0.280.000.00%
    5WA.SI
    0.425+0.010+2.41%
    E5H.SI
    1.00-0.01-0.99%
    N21.SI
    0.73+0.02+2.82%
    Y92.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.35+0.05+16.67%
    Y06.SI
    0.139+0.019+15.83%
    O2I.SI
    0.315+0.040+14.55%
    AFC.SI
    0.144+0.014+10.77%
    5GF.SI
    0.33+0.03+10.00%
    5VI.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.21-0.03-12.50%
    5PL.SI
    0.105-0.010-8.70%
    5TN.SI
    0.225-0.020-8.16%
    MR8.SI
    0.183-0.015-7.58%
    B69.SI
    0.29-0.02-6.45%
    PA3.SI