We initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair sold off after putting in a bearish Harami candlestick pattern and we revised our objective to 1.2674 – the 50% Fibonacci expansion level – as well as trailed our stop-loss to breakeven (1.3073) after prices met the initial downside objective. EURUSD is now showing a Spinning Top candlestick above support, hinting a corrective bounce may be ahead. We will treat any advance as an opportunity to add to the short in the days ahead. Initial resistance lines up in the 1.2823-65 area. Alternatively, a break below support exposes the next objective at 1.2483.Wednesday, May 16, 2012
€$ EURUSD: Possible rebound a sales opportunity
We initially sold EURUSD at 1.3121 and added to the position at 1.3026. The pair sold off after putting in a bearish Harami candlestick pattern and we revised our objective to 1.2674 – the 50% Fibonacci expansion level – as well as trailed our stop-loss to breakeven (1.3073) after prices met the initial downside objective. EURUSD is now showing a Spinning Top candlestick above support, hinting a corrective bounce may be ahead. We will treat any advance as an opportunity to add to the short in the days ahead. Initial resistance lines up in the 1.2823-65 area. Alternatively, a break below support exposes the next objective at 1.2483.
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