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EURUSD: Preparing to Re-Enter Short Position

EURUSD: Preparing to Re-Enter Short Position

2012-08-24 12:23:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Short

Prices are recoiling from resistance at the top of a Rising Wedge pattern carved out since late July, a broadly bearish setup. Near-term support is at 1.2442, with a break below that exposing the Edge bottom now at 1.2358. Clearing the latter boundary confirms resumption of the long-term down trend and we will look for a daily close below that level to re-enter short. Alternatively, a break above the Wedge top (now at 1.2569) targets the top of major falling channel encapsulating prices since late August 2011 (1.2688).

EURUSD_Preparing_to_Re-Enter_Short_Position_body_Picture_5.png, EURUSD: Preparing to Re-Enter Short Position

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

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