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EURUSD: Short Entry Sought on Bounce

EURUSD: Short Entry Sought on Bounce

2011-05-27 04:35:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

As we suspected, EURUSD bounced higher having put in a bullish Harami candlestick pattern above the 1.40 figure, with prices testing interim resistance at top of a falling channel carved out over the past two weeks. This barrier is reinforced by the 38.2% Fibonacci retracement of the 5/4-5/23 decline at 1.4339. We will treat the upswing as a selling opportunity and continue to monitor positioning for an actionable sell signal in the days ahead.

EURUSD_Short_Entry_Sought_on_Bounce_body_Picture_3.png, EURUSD: Short Entry Sought on Bounce

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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