I sold EURUSD at 1.3121 last week. Prices now appear to be forming a Head and Shoulders top with a neckline in the 1.3054-1.3102 area and I will look for a daily close below here to look for opportunities to add to the position. Alternatively, a bounce to 23.6% Fibonacci retracement at 1.3282 can also be an opportunity to increase short exposure although I would look for specific evidence of a reversal below this barrier before adding to the trade.
EURUSD: Holding Short
- May, 29 21:30 GMTDaily Observations: Checking in on GBP-crosses, USD-pairs
- May, 29 17:45 GMTEUR/GBP Rebound Vulnerable to Dovish ECB
- May, 28 21:31 GMTAUDUSD & USDJPY in Focus
- May, 28 18:45 GMTEUR/GBP Risks Larger Rebound on Failed Test of March Low
- May, 27 20:50 GMTBuying into USDJPY Strength