Strategy: Pending Short
EURUSD has continued to push higherafter confirming a Head and Shoulders bullish reversal chart formation, with prices now taking out resistance at the 61.8% Fibonacci retracement of the 4/12-6/7 downswing (1.30). From here, prices aim to challenge 1.3266, the 76.4% Fib as well as the upside target implied by measuring the distance between the head and neckline of the H&S formation. We maintain a broadly bearish bias – a view reinforced by emerging negative RSI divergence – and will continue to look for the current upswing to yield an attractive selling opportunity.
EURUSD Spot (Daily Chart) - Created using CQG, Prepared by Ilya Spivak
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