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Forex Strategy: EUR/USD Falls Further Following Bearish Reversal Signal

Forex Strategy: EUR/USD Falls Further Following Bearish Reversal Signal

2014-03-21 10:57:00
David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Hanging Man receives confirmation suggesting correction to continue
  • Short-term gains may be limited in absence of bullish reversal signal

The Hanging Man candlestick formation on the daily has played out in extended declines for EUR/USD. While buyers appear to be supporting prices at the 38.2% Fib Retracement level (1.3765), a bullish reversal signal is lacking, suggesting further falls may be possible.

EUR/USD: Hanging Man Receives Confirmation

Fore-Strategy-EURUSD-Falls-Further-Following-Bearish-Reversal-Signal_body_Picture_2.png, Forex Strategy: EUR/USD Falls Further Following Bearish Reversal Signal

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; intraday gains for EUR/USD may prove limited given a bullish reversal pattern is lacking and resistance continues to hang overhead at 1.3805.

EUR/USD: Intraday Gains Limited as Reversal Signal Absent

Fore-Strategy-EURUSD-Falls-Further-Following-Bearish-Reversal-Signal_body_Picture_1.png, Forex Strategy: EUR/USD Falls Further Following Bearish Reversal Signal

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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