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Forex Strategy: EUR/USD Hammer Forms As Buyers Emerge

Forex Strategy: EUR/USD Hammer Forms As Buyers Emerge

David de Ferranti, Currency Analyst

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Talking Points

  • EUR/USD Technical Strategy: Pending short
  • Hammer formation on hourly hinting at small bounce
  • Psychologically significant 1.3700 handle offers resistance

The Euro has found some intraday buying support at 1.3650 alongside the formation of a Hammer candlestick on the hourly chart. While there has been confirmation of a possible bounce, from an ensuing up-period, the trend remains lower and suggests that a bounce should be seen as an opportunity to sell. Entries may be afforded by key resistance nearby at the psychologically significant 1.3700 handle, which is also the 50% retracement mark from the recent declines.

Confirm your chart-based trade setups with the Technical Analyzer.

Forex_Strategy_EURUSD_Hammer_Forms_As_Buyers_Emerge_body_Picture_1.png, Forex Strategy: EUR/USD Hammer Forms As Buyers Emerge

Hourly Chart - Created Using FXCM Marketscope 2.0

--- Written by David de Ferranti, Market Analyst, FXCM

Contact and follow David on Twitter: @Davidde

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