EUR/USD Eyes 1.3900 With Bearish Reversal Signal Absent
- EUR/USD Technical Strategy: Sidelines Preferred
- Lack of reversal signal suggests gains to continue
- 1.3900 likely to act as noteworthy resistance
EUR/USD: Bulls Continue Their Charge Towards 1.3900
Daily Chart - Created Using FXCM Marketscope 2.0
Drilling down to examine intraday price action; the Bullish Engulfing pattern on the 4 hour chart heralded the return of the bulls near key support at 1.3785.
EUR/USD: Recovery May Continue Following Bullish Engulfing Pattern
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, FXCM
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.