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
- Jul, 06 12:55 GMTUSDJPY Favors Upside If Risk-On Holds
- Jul, 02 13:10 GMTBroader USD course still unclear
- Jul, 01 17:57 GMTGBPUSD Inside Bar Breakout
- Jul, 01 12:56 GMTMultiple Bullish Reversal Candles on USDCAD Into June Highs
- Jun, 30 08:45 GMTPound Sold vs Yen on Trend Line Break