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EURUSD: Staying Short for Now

By Ilya Spivak, Currency Strategist
31 August 2011 11:01 GMT

I initially sold EURUSD at 1.4328. The pair has now produced a bearish Evening Star candlestick pattern below the recent range top at 1.4535, the July 27 high and our stop-loss threshold (to be activated on a daily close above the level). The setup hints sellers are ready to retake momentum and I will remain short for the time being, continuing to aim for a soft target at 1.3975.

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31 August 2011 11:01 GMT