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EUR/USD Bullish Signal Puts 1.3900 In Focus

EUR/USD Bullish Signal Puts 1.3900 In Focus

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Bullish Engulfing candlestick suggests run on 1.3900 to come
  • Break above range-top needed to push prices to 1.3935/50

EUR/USD’s consolidation between 1.3780 and 1.3900 has persisted with the most recent bounce off the range-bottom prompting the formation of a Bullish Engulfing candlestick pattern. While the signal typically foreshadows a reversal following a downtrend the pattern may be an indication the pair may be set to make another run on 1.3900.

EUR/USD: 1.3900 In Sight Following Bullish Engulfing Pattern

EUR/USD Bullish Signal Puts 1.3900 In Focus

Daily Chart - Created Using FXCM Marketscope 2.0

Similarly, a Bullish Engulfing pattern in intraday trade has helped propel prices higher. With a bearish reversal signal seemingly absent, a push above 1.3900 could lead to an advance on the next definitive level of resistance at 1.3935.

EUR/USD: Critical Support At 1.3785 Prompts Reversal

EUR/USD Bullish Signal Puts 1.3900 In Focus

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.