Last updated: Wednesday, February 24, 2010
A few weeks back I raised my stop on my short EURUSD position to account for any bullish sentiment that may occur from the prospect of a Greece bailout which proved wise as the pair would retrace its gains and decline an additional 150 pips. A failed test of support at 1.3480-61.8% Fibo of 1.2444-1.5149 led me to take profits on the trade. Tradesr who haven’t done so, may want to consider it following today’s bearish price action or following another failed test of the level. I would refrain from taking any fresh short positions without a clean break below the golden ratio. A move above the 20-Day SMA at 1.3741 could warrant a long position with a target of 1.3900-trendline resistance.
