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EURUSD: Possible Top Set Below 1.3231

EURUSD: Possible Top Set Below 1.3231

Ilya Spivak, Head Strategist, APAC

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 my revised stop-loss level, hinting the corrective upswing that played out over the past two weeks may be running out of steam. I will continue to hold short, revising my soft target slightly higher to 1.2623, the latest swing low. A daily close above 1.3231 triggers the stop-loss. Initial support lines up in the 1.2927-2966 area.

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