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EURUSD: Larger Upswing Ahead?

EURUSD: Larger Upswing Ahead?

2010-07-06 11:01:00
Ilya Spivak, Sr. Currency Strategist
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EURUSD looks to be putting in a Head and Shoulders bottom chart formation, with confirmation pending on a daily close 1.2570, the 38.2% Fibonacci retracement of the 4/12-6/7 downswing. Initial upside targets are seen at 1.2785 and 1.30, the 50% and 61.8% retracement levels, respectively. On balance, my long term bias for the pair remains bearish and I will look for what promises to be a deeper upward correction to yield an attractive selling opportunity in the days and weeks ahead.

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