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EUR/USD Doji On The Daily Offers Early Warning Of Declines

EUR/USD Doji On The Daily Offers Early Warning Of Declines

2014-04-14 10:57:00
David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Doji on the daily offers early indication of potential dip
  • Dark Cloud Cover reinforces bearish technical bias

EUR/USD has reversed course following a failure to crack the critical 1.3900 handle in recent trading. The pullback has prompted the formation of a Long-Legged Doji candlestick which is a sign of indecision by traders, and is often a precursor to a more significant move. In this case, the signal suggests a bearish bias with the possibility of a correction lower to support at 1.3800.

EUR/USD: Bulls Retreat As Doji Forms

EURUSD-Doji-On-The-Daily-Offers-Early-Warning-Of-Declines_body_Picture_3.png, EUR/USD Doji On The Daily Offers Early Warning Of Declines

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine intraday price action, a Dark Cloud Cover pattern also offers a noteworthy warning of further declines. The signal has received confirmation from a successive down period, and similar to the daily, suggests a potential move to support at 1.3800/05.

EUR/USD: Dark Cloud Cover Offers Ominous Signal

EURUSD-Doji-On-The-Daily-Offers-Early-Warning-Of-Declines_body_Picture_2.png, EUR/USD Doji On The Daily Offers Early Warning Of Declines

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 another notable warning signal.

EUR/USD: Evening Star Remains On The Radar

EURUSD-Doji-On-The-Daily-Offers-Early-Warning-Of-Declines_body_Picture_1.png, EUR/USD Doji On The Daily Offers Early Warning Of Declines

Weekly Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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