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EURUSD: Short Entry Sought

EURUSD: Short Entry Sought

2011-05-27 12:57:00
Ilya Spivak, Sr. Currency Strategist
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As suspected, EURUSD bounced higher having put in a bullish Harami candlestick pattern above the 1.40 figure, with prices testing interim resistance at top of a falling channel carved out over the past two weeks. This barrier is reinforced by the 38.2% Fibonacci retracement of the 5/4-5/23 decline at 1.4339. I will treat the upswing as a selling opportunity and continue to monitor positioning for an actionable sell signal in the days ahead.

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