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EURUSD: 1.30 Tested as Rally Continues

EURUSD: 1.30 Tested as Rally Continues

2010-07-20 11:01:00
Ilya Spivak, Sr. Currency Strategist

EURUSD has continued higher after confirming a Head and Shoulders bullish reversal chart formation, taking out the 50% Fibonacci retracement of the 4/12-6/7 downswing at 1.2785. The next layer of resistance lines up at 1.30, a powerful psychological barrier that also corresponds to the 61.8% Fib. A Shooting Star candlestick pattern has formed following an initial test of this resistance, hinting a pullback may materialize in the near term. However, measuring the distance between the head and neckline gives us a crude target of 1.3266 for the forthcoming advance, a level that corresponds to a horizontal support from March-April. I remain overall bearish and will treat the upswing as corrective, looking for an attractive selling opportunity ahead. 

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