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EURUSD: Remain Short into the Weekend

EURUSD: Remain Short into the Weekend

Ilya Spivak, Head Strategist, APAC

I initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair sold off after putting in a bearish Harami candlestick pattern identified last week and has now taken out support at 1.3025. I will continue to hold short, looking for prices to hit my initial objective at 1.2865 over the comng days. An inverted Hammer candlestick formed yesterday warns that a corrective bounce may materialize before downside momentum resumes, a move that I will treat as an opportunity to add to my position. A stop-loss will be activated on a daily close above 1.3378.

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