Strategy: Short at 1.2982, Targeting 1.2826
Prices completed a bearish Three Inside Down candlestick pattern and broke through upward-sloping support set from the June swing bottom, hinting a significant reversal is at hand. Our short entry order at 1.2982 has now been triggered and we will target an initial downside objective at 1.2826, the 23.6% Fibonacci expansion. A stop-loss will be activated on a daily close above 1.3138.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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