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EURUSD: Opting to Pass on Short For Now

EURUSD: Opting to Pass on Short For Now

2012-02-28 00:55:00
Ilya Spivak, Head Strategist, APAC

Strategy: Pending Short

Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance at 1.3460, hinting a deeper pullback may be ahead. Risk/reward considerations argue against entering short however with the next layer of support just ahead at 1.3321 at the February 9 high. As such, we will remain on the sidelines for now. A daily close below 1.3321 initially exposes the 1.30 figure. Alternatively, a break above 1.3460 targets 1.3662.

EURUSD_Opting_to_Pass_on_Short_For_Now_body_Picture_5.png, EURUSD: Opting to Pass on Short For Now

--- 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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