Strategy: Pending Short
As we suspected, EURUSD bounced higher having put in a bullish Harami candlestick pattern above the 1.40 figure. The pair has now taken out resistance at a falling channel top as well as the 38.2% Fibonacci retracement of the 5/4-5/23 decline (1.4339), exposing the 50% level at 1.4454. Current positioning doesn’t offer a viable entry opportunity on either side and we will remain on the sidelines for now. Broadly speaking, we continue to see recent gains as corrective within the context of a larger down move and remain partial to the short side.
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