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EURUSD: Selloff Hinted at Key Trend Line

EURUSD: Selloff Hinted at Key Trend Line

2011-03-29 05:06:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

EURUSD has followed up a bearish Deliberation candlestick pattern with a pullback to support at a major rising trend line established from January’s swing low. Negative RSI divergence reinforces the case for a downside scenario, adding credence to the longer-term bearish setup we identified last week. We will look for confirmation on a daily close below the trend line to enter short.

EURUSD_Selloff_Hinted_at_Key_Trend_Line_body_03292011_EUR.png, EURUSD: Selloff Hinted at Key Trend Line

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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