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EURUSD: Trend Line Support in Focus

EURUSD: Trend Line Support in Focus

2011-03-30 11:01:00
Ilya Spivak, Sr. Currency Strategist
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EURUSD has followed up a bearish Deliberation candlestick pattern with a pullback to support at a major rising trend line established from January’s swing low. Negative RSI divergence reinforces the case for a downside scenario, adding credence to the longer-term bearish setup we identified last week. I will look for confirmation on a daily close below the trend line (now at 1.4057) to enter short.

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