I initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair continues to trace out a choppy Head and Shoulders topping chart formation, with a daily close below neckline support at 1.3025 confirming the setup. The appearance of a bullish Piercing Line candlestick pattern warns an upswing may be ahead however, with initial resistance marked by a falling trend line now at 1.3303. I will remain short for now, maintaining an initial downside objective at 1.2864. A stop-loss will be activated on a daily close above 1.3378.
EURUSD: Holding Short Position
- May, 22 12:15 GMTCrude Nearing Key Pivot
- May, 15 12:30 GMTMore USD Patterns
- May, 14 10:14 GMTUSD remains pressured
- May, 13 18:40 GMTEUR/GBP Holds Near-Term Support, Retains Bullish RSI Momentum
- May, 13 14:45 GMTDaily Observations: Long GBP-crosses are Appealing