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EURUSD: Selloff Regaining Momentum?

EURUSD: Selloff Regaining Momentum?

2012-05-30 11:01:00
Ilya Spivak, Head Strategist, APAC
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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 and I have subsequently revised my stop-loss to be triggered on a daly close above 1.2865 after prices overcame my second objective. Prices are now testing through support at 1.2481, my next soft target, with a daily close above this level exposing the next barrier at 1.2244. Still, lingering positive RSI divergence warns that a bounce may be ahead. I will continue to hold short, with a stop-loss to be activated on a daily close above 1.2865.

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