EURUSD: Waiting to Get Short
As suspected last week, EURUSD moved higher after putting in a bullish Piercing Line candlestick pattern. The pair has now overcome resistance at 1.3358, the 38.2% Fibonacci retracement level, meeting a minor barrier at a rising channel top (currently at 1.3425). I maintain a broadly bearish outlook, viewing the recent advance as corrective within a larger multi-year downtrend initiated in mid-2008, and I will look for a selling opportunities as they arise. An actionable signal is absent for the time being however and I will remain on the sidelines until one emerges.
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