EURUSD: Cautiously Adding to Short Position

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EURUSD: Cautiously Adding to Short Position We initially sold EURUSD at 1.4328 and  revised our soft target to the 1.30 figure after the trade's second objective was met last week. Prices corrected higher and are now showing a Doji candlestick below resistance at 1.3681, the 38.2% Fibonacci retracement level, pointing at ebbing conviction behind bullish momentum and hinting that the sellers may be ready to retake the initiative. We will cautiously grow the position here by 1/5 of current exposure and treat either renewed upside or a confirmed reversal as an opportunity to add more down the road. A stop-loss will be activated on a daily close above 1.3975.   SEE CHART HERE  DailyFX Home | research@dailyfx.com | Contact US ©2009 DailyFX. All Rights Reserved. Forex Capital Markets, L.L.C.® assumes no responsibility for errors, inaccuracies or omissions in these materials. Forex Capital Markets, L.L.C.® does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Forex Capital Markets, L.L.C.® shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results.

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