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EURUSD: Bearish Trend Change on Tap?

EURUSD: Bearish Trend Change on Tap?

2011-05-10 02:44:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

The EURUSD weekly chart reveals a well-defined Bearish Engulfing candlestick below the 1.50 figure. Furthermore, prices have taken out rising trend line support set from the swing low in mid-January. Prices are now re-testing resistance-turned-support at a rising trend line set from the record high above 1.60 in July 2008, a barrier bolstered by the October 2010 swing high at 1.4281, with a break below this barrier serving as confirmation of a major bearish reversal over the weeks ahead. We will remain on the sidelines for the time being and monitor how the pair behaves at this critical juncture before committing to position.

EURUSD_Bearish_Trend_Change_on_Tap_body_Picture_3.png, EURUSD: Bearish Trend Change on Tap?

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