EURUSD: Selloff Regaining Momentum?
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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.