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EUR/USD Recovery On The Cards Following Doji Candlestick Near 1.3800

EUR/USD Recovery On The Cards Following Doji Candlestick Near 1.3800

2014-04-16 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Emergenceof another Doji on the daily suggests a potential recovery
  • Harami in intraday trade reinforces potential for a bounce

EUR/USD is recovering some lost ground in early European trading, which follows on from a Doji candlestick near key support at 1.3800. The signal suggests some hesitation amongst the bears, which may be the precursor for a bounce. A break above nearby resistance at 1.3840 could open further gains to 1.3900.

EUR/USD: Doji Signals Potential Bounce

EURUSD-Recovery-On-The-Cards-Following-Doji-Candlestick-Near-1.3800_body_Picture_3.png, EUR/USD Recovery On The Cards Following Doji Candlestick Near 1.3800

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine intraday price action; the Dark Cloud Cover pattern noted in recent candlesticks reports delivered declines for EUR/USD to support at 1.3785. With a Harami now having formed and a bearish reversal signal missing, a continued recovery looks possible.

EUR/USD: Recovery To Continue Following Harami Pattern

EURUSD-Recovery-On-The-Cards-Following-Doji-Candlestick-Near-1.3800_body_Picture_2.png, EUR/USD Recovery On The Cards Following Doji Candlestick 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 for a potential decline in EUR/USD over the longer term.

EUR/USD: Evening Star Remains On The Radar

EURUSD-Recovery-On-The-Cards-Following-Doji-Candlestick-Near-1.3800_body_Picture_1.png, EUR/USD Recovery On The Cards Following Doji Candlestick Near 1.3800

Weekly Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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