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EUR/USD: Bulls Find Resistance Ahead of 1.30 Figure

EUR/USD: Bulls Find Resistance Ahead of 1.30 Figure

2010-07-19 07:03:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

EURUSD has continued higher after confirming a Head and Shoulders bullish reversal chart formation, taking out the 50% Fibonacci retracement of the 4/12-6/7 downswing at 1.2785. The next layer of resistance lines up at 1.30, a powerful psychological barrier that also corresponds to the 61.8% Fib. A Shooting Star candlestick pattern has formed following an initial test of this resistance, hinting a pullback may materialize in the near term. However, measuring the distance between the head and neckline gives us a crude target of 1.3266 for the forthcoming advance, a level that corresponds to a horizontal support from March-April. We remain overall bearish and will treat the upswing as corrective, looking for an attractive selling opportunity ahead.

071910 EUR


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