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EURUSD: Stay Short but Prepare for Bounce

EURUSD: Stay Short but Prepare for Bounce

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 forming a bearish Harami candlestick pattern at trend line resistance and I revised my stop-loss and target levels after the decline met the initial objective. Prices have now closed below my second downside threshold at 1.2674 and I will revise the stop-loss further to be triggered on a daily close above 1.2865, aiming for the next downside barrier at 1.2481. Importantly, emerging positive RSI divergence warns that the risk of a corrective upswing is rising.



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