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EURUSD: Preparing to Re-enter Short

EURUSD: Preparing to Re-enter Short

2012-03-06 11:01:00
Ilya Spivak, Head Strategist, APAC
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Prices are testing below rising trend line support set from the January 16 low after putting in a Bearish Engulfing candlestick pattern below resitance at 1.3460. The boundary is reinforced by the 38.2% Fibonacci retracement at 1.3156. I will look for a daily close below the latter level to enter short.

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