EURUSD: Short Entry Sought Above 1.32
EURUSD has confirmed an inverse Head and Shoulders bullish reversal setup following a daily close above 1.2570, the 38.2% Fibonacci retracement of the 4/12-6/7 downswing. From here, initial resistance lines up at 1.2785 and 1.30, the 50% and 61.8% retracement levels, respectively. However, measuring the distance between the head and neckline gives a crude target of 1.3266, a level that corresponds to a horizontal support from March-April. My overall bias remains bearish and I will look for the upward correction to yield an attractive selling opportunity down the road.
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