EURUSD: Waiting for New Selling Opportunity
Strategy: Pending Short
As we suspected last week, EURUSD moved higher after putting in a bullish Piercing Line candlestick pattern. The pair has now overcome resistance at 1.3358, the 38.2% Fibonacci retracement level, meeting a minor barrier at a rising channel top (currently at 1.3425). We maintain a broadly bearish outlook, viewing the recent advance as corrective within a larger multi-year downtrend initiated in mid-2008, and will look for a selling opportunities as they arise. An actionable signal is absent for the time being however and we will remain on the sidelines until one emerges.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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