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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 bullish daily BULLISH ENGULFING bullish View Chart
USD/JPY bullish daily BEARISH ENGULFING bearish View Chart
GBP/USD bearish daily SHOOTING STAR bearish View Chart
AUD/USD bearish daily View Chart
USD/CAD bullish daily MORNING STAR bullish View Chart
NZD/USD neutral daily BULLISH ENGULFING bullish View Chart

EUR/USD Mounts Cautious Recovery at Support

EUR/USD Technical Strategy: Flat

Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. A break above the 23.6% Fibonacciexpansion at 1.2913 has exposed the 38.2% level at 1.2986, with a further push beyond that eyeing the 50% Fib at 1.3044. The 1.2913 mark has been recast as near-term support. A reversal back beneath that aims for a trend line set from mid-November 2012, now at 1.2792. Risk/reward considerations argue against entering a trade at current levels and we will stand aside for now.

Forex_Strategy_EURUSD_Mounts_Cautious_Recovery_at_Support_body_Picture_5.png, EUR/USD Mounts Cautious Recovery at Support

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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