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EUR/USD Doji Suggests Hesitation From The Bulls Near 1.3900

EUR/USD Doji Suggests Hesitation From The Bulls Near 1.3900

2014-05-02 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Doji suggests hesitation from the bulls near the critical 1.3900 handle
  • Bears returned in intraday trade post a Dark Cloud Cover formation

EUR/USD’s consolidation between 1.3780 and 1.3900 has persisted with the most recent pullback from the range-top prompting the formation of a Dojicandlestick. The formation suggests signs of indecision from traders and the potential for a pull-back towards the range-bottom.

Traders should be mindful of the potential for a surprise US Non-Farm Payrolls reading in the coming hours to spark significant volatility for US Dollar based pairs. The release of the figures will be covered live in DailyFX Plus.

EUR/USD: Prices Hold Below 1.3900 Following Doji Candlestick

EUR/USD Doji Suggests Hesitation From The Bulls Near 1.3900

Daily Chart - Created Using FXCM Marketscope 2.0

The recent retracement for EUR/USD was foreshadowed by a Dark Cloud Cover pattern in intraday trade. The signal suggests the potential for an extended pullback towards the 1.3785 mark.

EUR/USD: Gives Back Gains Following Dark Cloud Cover Pattern

EUR/USD Doji Suggests Hesitation From The Bulls Near 1.3900

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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