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DailyFX Home / Forex Technical Analysis / Forex Candlestick Summary

Forex Candlestick Summary

Symbol Trend Bias Time Frame Candlestick Formation Candle Bias Chart Links

EUR/USD Sitting Near Key Support With Bullish Candlesticks Absent

Talking Points

  • Strategy:Flat
  • Lacking Bullish Signals On The Daily Near Key Floor
  • H4 Chart Offered An Early Hint At An Intraday Bounce

EUR/USD has witnessed a small bounce off the 1.2360 floor – yet it may be a stretch to suggest a Piercing Line pattern has been produced. This in turn leaves a lack of key reversal patterns and makes a more sustained recovery questionable. A close below the nearby barrier would potentially open a run on the 1.2250 floor near 1.2250.

EUR/USD: Rebound May Struggle To Find Further Momentum

EUR/USD Sitting Near Key Support With Bullish Candlesticks Absent

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

The four hour chart revealed an early hint at a rebound in intraday trade with a Piercing Line formation near 1.2365. Yet selling interest appears to have been renewed at the 1.2450 mark and casts doubt on the prospect of fresh gains over the session ahead.

EUR/USD: Piercing Line Offered An Early Hint At A Recovery

EUR/USD Sitting Near Key Support With Bullish Candlesticks Absent

4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

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