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EURUSD: Reconsider Short on Channel Break

EURUSD: Reconsider Short on Channel Break

2011-02-02 11:01:00
Ilya Spivak, Sr. Currency Strategist
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My EURUSD short position was stopped out as prices issued a daily close above 1.3758, yielding a loss of 161 pips. Near-term, prices are testing rising trend line support-turned-resistance at 1.3857, a level reinforced by the upper boundary of a channel carved out over the past two weeks, now at 1.3880. A pair of Doji candlesticks at this juncture points to indecision and hints at the possibility of a downswing ahead. While this complements my fundamental bias, I will opt to wait for confirmation on a break of the channel bottom (now at 1.3639) given the pair’s recent momentum.

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