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EURUSD: Looking for Short Trade Setup

EURUSD: Looking for Short Trade Setup

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Short

Prices put in a Bearish Engulfing 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 1.3282 at the 23.6% Fibonacci retracement level. As such, we will remain on the sidelines for now. A daily close below 1.3282 initially exposes the 38.2% Fib at 3156. Alternatively, a break above 1.3460 targets falling trend line resistance at 1.3606.

EURUSD_Looking_for_Short_Trade_Setup_body_Picture_5.png, EURUSD: Looking for Short Trade Setup

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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