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EURUSD: Short Setup Taking Shape

EURUSD: Short Setup Taking Shape

2011-02-07 13:11:00
Ilya Spivak, Sr. Currency Strategist
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The Euro came under selling pressure as expected in the aftermath of the ECB interest rate decision. Sizing up the weekly chart, the recent rally still looks corrective, with prices retesting support-turned-resistance at a rising trend line set from the swing low in June. The 61.8% Fibonacci retracement of the downswing from December’s swing high (1.3741) reinforces the upside barrier. A Doji candle below this juncture points to indecision and hints sellers have an opportunity to regain the upper hand. An attractive entry signal has not presented itself just yet but I am now actively looking for selling opportunities.

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