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EURUSD: Bounce to Yield Selling Point

EURUSD: Bounce to Yield Selling Point

2011-05-25 11:01:00
Ilya Spivak, Sr. Currency Strategist
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EURUSD sold off to find support just above the 1.40 figure at the 61.8% Fibonacci retracement of the 2/14-5/4 rally having put in a Bearish Engulfing candlestick below the 38.2% level (1.4361). A bullish Harami candlestick pattern and positive RSI divergence hint a bounce is likely from here, with initial resistance lining up at the 50% Fib (1.4183). I will treat the move higher as a selling opportunity and will continue to monitor positioning for an actionable sell signal in the days ahead.

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