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EUR/USD Dojis Denote Deliberation Amongst The Bulls Near 1.3800

EUR/USD Dojis Denote Deliberation Amongst The Bulls Near 1.3800

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Pending Short
  • Recovery may be limited with bullish reversal signal missing
  • Evening Starformation on the weekly offers ominous warning

EUR/USD’s recent bull-run has been capped at the critical 1.3800 handle for the time-being. While the pair has staged a remarkable recovery over the past two trading sessions, traders should be wary of the potential for the rally to stall, given that prices remain in a short-term downtrend on the daily, and a bullish signal is notably lacking.

EUR/USD: Bounce May Be Limited With Downtrend Intact

EURUSD-Dojis-Denote-Deliberation-Amongst-The-Bulls-Near-1.3800_body_Picture_3.png, EUR/USD Dojis Denote Deliberation Amongst The Bulls Near 1.3800

Daily Chart - Created Using FXCM Marketscope 2.0

As noted in yesterday’s candlesticks report, the bulls’ run was likely to be met by selling pressure around the 1.3800 handle. With several Long-Legged Dojis having formed near the critical resistance level, the potential for an upside breakout is put in doubt. However, we’re yet to see a bearish reversal signal emerge, this leaves the pair at a critical juncture in the session ahead.

EUR/USD: Sellers Keep Gains Capped At 1.3800/5

EURUSD-Dojis-Denote-Deliberation-Amongst-The-Bulls-Near-1.3800_body_Picture_2.png, EUR/USD Dojis Denote Deliberation Amongst The Bulls Near 1.3800

4 Hour Chart - Created Using FXCM Marketscope 2.0

Finally, taking a look at some broader context provided the weekly chart; the Evening Star formation that has emerged shy of the key 1.4000 is a notable warning signal of further declines ahead. The pattern has received confirmation from a successive down week which raises the likelihood of an eventual correction towards the 1.3480 support level.

EUR/USD: Evening Star Receives Confirmation

EURUSD-Dojis-Denote-Deliberation-Amongst-The-Bulls-Near-1.3800_body_Picture_1.png, EUR/USD Dojis Denote Deliberation Amongst The Bulls Near 1.3800

Weekly Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.