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EURUSD: Short Setup Begins to Take Shape

EURUSD: Short Setup Begins to Take Shape

2011-03-08 15:39:00
Ilya Spivak, Sr. Currency Strategist
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EURUSD is testing trend defining resistance at a falling trend line set from the record high in July 2008 (now at 1.4019). Speculative net short positions have returned to the highs noted in October 2009 and 2010, where they foreshadowed a significant top in the currency pair within 2-4 weeks. Negative RSI divergence and a bearish Inverted Hammer candlestick reinforce the case for a downside scenario. I will enter short on a daily close below 1.3860, initially targeting 1.3485. A stop will be triggered on a close above 1.4035.

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