EURUSD: Candle Setup Hints Upswing Ahead
Strategy: Pending Short
EURUSD put in a bullish Piercing Line candlestick pattern above support at 1.3055, the 38.2% Fibonacci retracement level, hinting a recovery is ahead. Initial resistance lines up in the 1.3157-1.3220 area, with a break above that exposing the February 9 swing high at 1.3321. We continue to see the overall bias as bearish and will see any forthcoming advance as an opportunity to enter short.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow me on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.