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

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.0824+0.0019

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
    1.3450-0.0013-0.10%
    USDSGD=X
    1.4558+0.0011+0.07%
    EURSGD=X
    2.0093-0.0028-0.14%
    GBPSGD=X
    88.3234-0.0225-0.03%
    SGDJPY=X
    5.7626+0.0046+0.08%
    SGDHKD=X
    2.7007+0.0026+0.10%
    SGDMYR=X
    9,542.0176+9.1895+0.10%
    SGDIDR=X
    4.6066+0.0044+0.10%
    SGDCNY=X
    1.0521+0.0042+0.40%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,204.10+5.80+0.48%
    GCQ15.CMX
    16.23-0.06-0.36%
    SIK15.CMX
    70.95+0.05+0.07%
    ^XAU
    2.77+0.01+0.22%
    HGK15.CMX
    57.32-0.38-0.65%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.290.00
    ^FVX
    1.85-0.03
    ^TNX
    2.50-0.05
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.2350.0000.00%
    5GB.SI
    0.290.000.00%
    5WA.SI
    0.199+0.001+0.51%
    5OU.SI
    0.205+0.024+13.26%
    B0Z.SI
    0.885+0.010+1.14%
    N21.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.205+0.024+13.26%
    B0Z.SI
    0.117+0.013+12.50%
    41S.SI
    0.78+0.08+11.43%
    AUE.SI
    0.49+0.05+11.36%
    UV1.SI
    0.199+0.018+9.94%
    K22.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.141-0.023-14.02%
    5RC.SI
    0.186-0.029-13.49%
    5TS.SI
    0.139-0.016-10.32%
    5MD.SI
    0.235-0.025-9.62%
    ACW.SI
    0.105-0.010-8.70%
    J8O.SI