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EUR/USD Bearish Engulfing Pattern Emerges In Intraday Trade

EUR/USD Bearish Engulfing Pattern Emerges In Intraday Trade

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Flat
  • Bearish Engulfing pattern on four hour chart awaits confirmation
  • Evening Starformation on the weekly offers ominous warning

EUR/USD has powered through several key resistance levels in recent trading, which has likely caught the bears off-guard. With a reversal signal still missing on the daily, further gains may be possible with sellers likely to emerge the next psychological level at 1.3900.

EUR/USD: Break above 1.3800 Opens Further Gains

EURUSD-Bearish-Engulfing-Pattern-Emerges-In-Intraday-Trade_body_Picture_3.png, EUR/USD Bearish Engulfing Pattern Emerges In Intraday Trade

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine intraday price action, the presence of a Bearish Engulfing pattern is noteworthy. However, the key reversal signal has yet to receive confirmation to be validated, which at this stage precludes a bearish bias for the pair.

EUR/USD: Bearish Engulfing Pattern Awaits Confirmation

EURUSD-Bearish-Engulfing-Pattern-Emerges-In-Intraday-Trade_body_Picture_2.png, EUR/USD Bearish Engulfing Pattern Emerges In Intraday Trade

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-Bearish-Engulfing-Pattern-Emerges-In-Intraday-Trade_body_Picture_1.png, EUR/USD Bearish Engulfing Pattern Emerges In Intraday Trade

Weekly Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

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