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EURUSD: Sellers Poised For a Comeback

EURUSD: Sellers Poised For a Comeback

2011-02-04 02:44:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

As we suspected, the Euro came under selling pressure in the aftermath of the ECB interest rate decision, retreating back below the 1.37 figure. Sizing up the weekly chart, we note the recent rally still looks corrective, with prices retesting support-turned-resistance at a rising trend line set from the swing low in June. The 61.8% Fibonacci retracement of the downswing from December’s swing high (1.3741) reinforces the upside barrier. A Doji candle below this juncture points to indecision and hints sellers have an opportunity to regain the upper hand. However, we will opt to play it cautious and look for confirmation on the close of the current weekly bar to position for selling opportunities given the currency’s recent momentum.

EURUSD_Sellers_Poised_for_a_Comeback_body_02042011_EUR.png, EURUSD: Sellers Poised For a Comeback

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