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EURUSD: Looking for Entry Amid Consolidation

EURUSD: Looking for Entry Amid Consolidation

2011-07-08 11:01:00
Ilya Spivak, Head Strategist, APAC
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EURUSD put in a bullish Hammer candlestick above support at 1.4281, the 50% Fibonacci extension level, hinting an upswing is ahead. Furthermore, prices are carving out a symmetric triangle formation, which is typically indicative of continuation. In this case, the pair went into the setup with a bullish bias, arguing for the likelihood of a move higher once consolidation yields back to trending conditions. With that in mind, a triangle can be a topping formation in rare instances, with confirmation only available once a breakout actually happens. Finally, with the pair squarely in the middle of the chart formation, risk/reward considerations argue against entering at current levels. On balance, I will remain on the sidelines for now.

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