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EURUSD: Candles Hint Bounce Ahead

EURUSD: Candles Hint Bounce Ahead

2011-10-05 11:01:00
Ilya Spivak, Sr. Currency Strategist
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I initially sold EURUSD at 1.4328 and trailed my stop-loss to breakeven after the pair met my initial objective, revising our soft target to 1.3416. EURUSD has now met that objective and I will establish a new soft target at the 1.30 figure. The stop-loss will be trailed lower to be activated on a daily close above 1.3975. A Bullish Engulfing candlestick pattern at the bottom of a minor falling channel hints an upswing is ahead, with initial resistance at the 23.6% Fibonacci retracement level (1.3476). I will treat any forthcoming advance as an opportunity to add to our short position.

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