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EURUSD: Rebound Seen as Corrective

EURUSD: Rebound Seen as Corrective

2011-09-16 11:01:00
Ilya Spivak, Sr. Currency Strategist
Share:

I initially sold EURUSD at 1.4328. As I suggested earlier this week, prices bounced higher after producing a Hammer candlestick above support at the bottom of a falling channel bottom connecting major swing lows since mid-April. The pair is now testing resistance at 1.3898, the 38.2% Fibonacci retracement level, with further gains aiming at the 50% level (1.4022). I see the rebound as corrective and will look for bullish momentum to be exhausted to add to our short position. Near-term support lines up at 1.3744, the 23.6% Fib. My stop-loss remains at the break-even level (1.4328) while the revised target stands at 1.3416.

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