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Forex Strategy - EUR/USD Finds Support As Doji Highlights Indecision

Forex Strategy - EUR/USD Finds Support As Doji Highlights Indecision

2014-03-12 10:57:00
David de Ferranti, Currency Analyst

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Talking Points

  • EUR/USD Technical Strategy: Pending Short
  • Bearish reversal signal on daily awaits further confirmation
  • Intraday support resting at 1.3850 (see four hour chart)

The Hanging Man formation noted in yesterday’s EUR/USD candlesticks report resulted in continued declines for the pair with buying support having emerged at the 1.3850 mark. The Long-Legged Doji on the four hour chart suggests some indecision among traders, however does not necessarily indicate a bullish reversal for the Euro.

The EUR/USD daily chart continues to be the focal point for traders. While a Shooting Star candle formation has warned of declines, the uptrend remains intact. Thus further confirmation of a shift in the trend on the daily is needed before suggesting a bearish technical bias.

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

Forex_Strategy_-_EURUSD_Finds_Support_As_Doji_Highlights_Indecision_body_Picture_2.png, Forex Strategy - EUR/USD Finds Support As Doji Highlights Indecision

4 Hour Chart - Created Using FXCM Marketscope 2.0

Forex_Strategy_-_EURUSD_Finds_Support_As_Doji_Highlights_Indecision_body_Picture_1.png, Forex Strategy - EUR/USD Finds Support As Doji Highlights Indecision

Daily 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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