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EURUSD: Looking for Upswing Ahead

EURUSD: Looking for Upswing Ahead

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 and I have subsequently revised the stop-loss and target downward to lock in some gains. Prices are now showing a bullish Morning Star candlestick pattern, hinting a bounce is ahead. I will continue to hold short for now, looking for the correction to yield a further selling opportunity. Initial resistance lines up at 1.2569. The stop-loss will now be triggered on a daily close above 1.2674.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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