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Forex Strategy - EUR/USD Sets Sights Higher In Absence Of Reversal Signal

Forex Strategy - EUR/USD Sets Sights Higher In Absence Of Reversal Signal

David de Ferranti, Currency Analyst

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Talking Points

  • EUR/USD Technical Strategy: Longs preferred
  • Lack of reversal signal opens further gains
  • Clearance of 1.3930 may open up further advance

In the absence of a bearish reversal pattern for EUR/USD and a continued uptrend on multiple timeframes; a bullish technical bias is offered. The pair has seemingly shrugged off a Shooting Star formation on the daily chart that had hinted at some declines near the psychologically-significant 1.3900 handle.

Some sellers appear to be emerging near the mid-September 2011 highs at 1.3930 however there are few signs to indicate that a meaningful correction could take place. The next definitive resistance level at 1.4250 seems a mile away, suggesting the bulls may face a clear path ahead.

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

Forex_Strategy_-_EURUSD_Sets_Sights_Higher_In_Absence_Of_Reversal_Signal_body_Picture_2.png, Forex Strategy - EUR/USD Sets Sights Higher In Absence Of Reversal Signal

4 Hour Chart - Created Using FXCM Marketscope 2.0

Forex_Strategy_-_EURUSD_Sets_Sights_Higher_In_Absence_Of_Reversal_Signal_body_Picture_1.png, Forex Strategy - EUR/USD Sets Sights Higher In Absence Of Reversal Signal

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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