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EURUSD: Confirmation Sought to Enter Short

EURUSD: Confirmation Sought to Enter Short

2012-10-19 09:33:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

Prices pulled back from falling trend line resistance set from May 2011 (now at 1.3148) to retest the 23.6% Fibonacci expansion at 1.3068, completing a bearish Dark Cloud Cover candle pattern. Follow-through with a conclusive break below 1.3068 targets a rising trend line set from the June swing bottom (1.2955), followed by 1.2823. Trend line resistance is now at 1.3145. A push above that exposes the 38.2% Fib at 1.3235. Current positioning doesn’t offer an actionable trade setup and we will stand side for now.

EURUSD_Confirmation_Sought_to_Enter_Short_body_Picture_5.png, EURUSD: Confirmation Sought to Enter Short

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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