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EURUSD: A Top in the Works?

EURUSD: A Top in the Works?

2011-10-19 12:24:00
Ilya Spivak, Sr. Currency Strategist
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I continue to hold a short EURUSD position from 1.4328. Prices are now testing resistance at the midline of a rising channel set from the lows in early October, with a reversal lower here hinting a Head and Shoulders top may begin to take shape on the 4-hour chart. The would-be neckline of the formation would be at 1.3661, with a break below that aiming for a measured target at 1.3409. I will remain short, with a stop-loss to be activated on a daily close above 1.3975.

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