Strategy: Pending Short
EURUSD put in a bullish Piercing Line candlestick pattern above support at 1.3055, the 38.2% Fibonacci retracement level, hinting a recovery is ahead. Initial resistance lines up in the 1.3157-1.3220 area, with a break above that exposing the February 9 swing high at 1.3321. We continue to see the overall bias as bearish and will see any forthcoming advance as an opportunity to enter short.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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