Euro Yields Bearish Reversal Signal Against US Dollar

EURUSD has put in a clear Three Inside Down bearish reversal candlestick pattern, with the downward bias seeing added confirmation as the RSI oscillator reverses out of overbought territory showing negative divergence. However, an entry at current levels is not attractive from a risk/reward perspective. We will opt for an entry at 1.4710 with a stop-loss activated on a daily close above 1.4847 (the 9/23 wick high), initially targeting rising trend line support established from the March swing low (now at 1.4434).

[B]For streaming currency market news and analysis, please visit[/B] http://forexstream.dailyfx.com

[I]To reach Ilya regarding this article or to subscribe to his email distribution list, please contact <[email protected]>[/I]