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EURUSD: Candles Hints Selloff Ready to Resume

EURUSD: Candles Hints Selloff Ready to Resume

Ilya Spivak, Head Strategist, APAC

Strategy: Short at 1.3073 (Avg), Targeting 1.2244

Floating Profit / Loss: +476 pips

We initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair sold off after forming a bearish Harami candlestick pattern and we have subsequently revised the stop-loss and target downward to lock in some gains. Prices have now put in a bearish Evening Star candlestick pattern on a retest of support-turned-resistance in the 1.2623-65 area at the mid-January swing bottom, hinting renewed selling is ahead. We remain short and look for a daily close below rising trend line support set from late May as confirmation to consider adding to the position. A stop-loss will be activated on a daily close above 1.2674. Our soft objective remains at 1.2244.

EURUSD_Candles_Hints_Selloff_Ready_to_Resume_body_Picture_5.png, EURUSD: Candles Hints Selloff Ready to Resume

Daily Chart - Created Using FXCM Marketscope 2.0

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

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