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EURUSD: Near-Term Rebound Hinted Ahead

EURUSD: Near-Term Rebound Hinted Ahead

2011-09-13 11:01:00
Ilya Spivak, Sr. Currency Strategist
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I initially sold EURUSD at 1.4328. Prices dropped through our soft target at 1.3976 to stall at the bottom of a falling channel connecting major swing lows since mid-April, with a Hammer candlestick hinting a corrective upswing is ahead. I will move our stop to the break-even level (1.4328) and continue holding short, expecting the short-term move higher to offer an opportunity to add to the short position. Initial upside barriers line up at 1.3744 and 1.3898, the 23.6% and 38.2% Fibonacci retracements of the latest decline, respectively.

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