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EURUSD: Remain Short Through Upswing

EURUSD: Remain Short Through Upswing

2011-10-10 11:01:00
Ilya Spivak, Sr. Currency Strategist
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I initially sold EURUSD at 1.4328 and revised my soft target to the 1.30 figure after the trade’s second objective was met last week. A Bullish Engulfing candlestick pattern at the bottom of a minor falling channel has marked the beginning of an upswing, with prices now probing through initial resistance at the 38.2% Fibonacci retracement (1.3447) to challenge the 50% level at 1.3541. I will treat any further upside as corrective within the context of a larger down trend and monitor positioning for signs of exhaustion in the bull move to add to my short position. A stop-loss will be activated on a daily close above 1.3975.

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