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EUR/USD Marches Higher As Doji Does Little To Discourage Bulls

EUR/USD Marches Higher As Doji Does Little To Discourage Bulls

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Lack of reversal signal suggests gains may continue
  • 1.3900 likely to act as noteworthy resistance

EUR/USD continues to march towards the critical 1.3900 handle following a break above resistance at 1.3840. While a Long-Legged Doji candlestick on the daily signals some hesitation amongst the bulls it is not enough to suggest a correction at this stage.

EUR/USD: Eyes 1.3900 With Bearish Reversal Signal Absent

EUR/USD Marches Higher As Doji Does Little To Discourage Bulls

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. Some interim resistance at 1.3875 may prompt some sellers to emerge during the session ahead.

EUR/USD: Recovery May Continue Following Bullish Engulfing Pattern

EUR/USD Marches Higher As Doji Does Little To Discourage Bulls

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

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