EUR/USD Intraday Doji Highlights Indecision Near Range-Bottom
EUR/USD Technical Strategy: Pending Short
Medley of Dojis and Short Sessions Indicate Indecision
Awaiting Downside Break Amid Bearish Backdrop
EUR/USDis at a critical juncture as the pair threatens to break its narrow range that has been plagued by indecision by traders. Within the broader context of sustained downtrend a daily close below 1.2850 would favor new short positions with a target of 1.2755.
EUR/USD: Teases Traders Near Range-Bottom
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart tells a similar narrative as the daily. A Doji near the 1.2840/50 barrier suggests indecision from traders to lead the pair lower. Given the broader backdrop afforded by the daily awaiting a break below the nearby floor would be preferred for new short positions.
EUR/USD: Doji Highlights Hesitation Near Range-Bottom
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.