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EURUSD: Look to Sell Amid Upswing

EURUSD: Look to Sell Amid Upswing

Ilya Spivak, Head Strategist, APAC

I entered short at 1.3526 on November 9 expecting the Eurozone debt crisis to continue to spread and moved my stop to breakeven after the pair met my initial objective at 1.3141, aiming for the next target at 1.2872. Prices swung higher after showing a bullish Hammer candlestick above support at the bottom of a falling channel established in November, which I see as an opportunity to add to my short position in the days ahead after the rebound loses momentum. Initial resistance is seen in the 1.3144-1.3221 region.

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