Strategy: Pending Short
With noting particularly compelling on short-term charts, we take this opportunity to evaluate long-term positioning. Prices are on track to form a large Bearish Engulfing below the 0.90 figure. A close below 0.7912, the 23.6% Fibonacci retracement of the rally from the 2009 low, would also take prices though major rising trend line support to confirm a long-term bearish reversal. We will continue to monitor positioning for an attractive selling opportunity.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at email@example.com