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Continue Holding Short EURUSD Position

Continue Holding Short EURUSD Position

Ilya Spivak, Head Strategist, APAC

I sold EURUSD at 1.2556 as prices put in a Bearish Engulfing candlestick pattern below resistance at the top of a Rising Wedge pattern carved out since late July. I intend to carry the position into the upcoming ECB interest rate decision, suspecting Mario Draghi and company will disappoint hopes for clarity on the highly anticipated bond-buying program that has dominated traders' expectations ahead of the announcement. Prices are stalling at resistance but haven not shown downside follow-through for now, though negative RSI divergence is beginning to reinforce the case for a downside scenario. My initial target remains 1.2398 and a stop-loss will be triggered on a daily close above 1.2588.

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