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EURUSD: Looking to Add to Short

EURUSD: Looking to Add to Short

Ilya Spivak, Head Strategist, APAC

I entered short EURUSD at 1.3526 on November 9 expecting the Eurozone debt crisis to continue to spread and moved my stop to 1.3231 last week after the pair met my secondary objective at 1.2872, aiming for the next target at 1.2586. Positioning now appears oversold and a corrective bounce is likely, particularly considering the likely onslaught of jawboning from officials heading into the January 30 EU summit. Indeed, prices are showing a bullish Piercing Line candlestick pattern above support at the bottom of a falling channel set from early November. I will treat any recovery as an opportunity to add to the short position. Initial resistance is at the 1.30 figure.

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