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EURUSD: Head and Shoulders Top Back in Play

EURUSD: Head and Shoulders Top Back in Play

2012-04-09 11:01:00
Ilya Spivak, Head Strategist, APAC

I initially sold EURUSD at 1.3121 and added to the position at 1.3026. Prices are reversing sharply lower anew having taken out rising trend line support guiding the 3/15-3/27 upswing and I will continue to hold short as the pair nears horizontal support at 1.3025, the would-be neckline of a somewhat different Head and Shoulders pattern than I originally envisioned with shoulders marked by the 2/9 and 3/27 highs and the head at the 2/24 top. I will wait for confirmation on a daily close below this level to consider adding more to the position. My initial objective remains 1.2864 and a stop-loss will be activated on a daly close above 1.3378.

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