Forex Strategy - EUR/USD Finds Support As Doji Highlights Indecision
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- 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.
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4 Hour Chart - Created Using FXCM Marketscope 2.0
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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