I initially sold EURUSD at 1.3526. Prices have now completed a bearish Three Inside Down candlestick pattern below resistance at 1.3231, the late-November swing bottom and our revised stop-loss level, hinting the corrective upswing that played out over the past two weeks may be ready to give way to the dominant down trend once more. I will continue to hold short, targeting 1.2586. A daily close above 1.3231 triggers the stop-loss. Initial support lines up in the 1.2927-2966 area.
EURUSD: Continue Holding Short
2012-02-01 11:01:00
Ilya Spivak,
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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