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EURUSD: Candle Setup Hints Upswing Ahead

EURUSD: Candle Setup Hints Upswing Ahead

2012-02-17 04:06:00
Ilya Spivak, Head Strategist, APAC
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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.

EURUSD_Candle_Setup_Hints_Upswing_Ahead_body_Picture_5.png, EURUSD: Candle Setup Hints Upswing Ahead

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.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 ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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