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EURUSD Range Plays Preferred As Dojis Highlight Indecision Persists

EURUSD Range Plays Preferred As Dojis Highlight Indecision Persists

2014-05-05 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
  • Range-trading strategies preferred on intraday timeframes

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. The current environment favors range-trading strategies that may be best-served by examining intraday price action on the four-hour chart.

EUR/USD: Prices Hold Below 1.3900 Following Doji Candlestick

EURUSD Range Plays Preferred As Dojis Highlight Indecision Persists

Daily Chart - Created Using FXCM Marketscope 2.0

The range between 1.3780/5 and 1.3900 for EUR/USD persists, despite several noteworthy pieces of fundamental event risk last week on the US Dollar side of the equation. Look out for a bearish reversal pattern in the coming session which could herald a dip to the range-bottom.

EUR/USD: Candlestick Patterns Highlight Turning Points In Recent Range

EURUSD Range Plays Preferred As Dojis Highlight Indecision Persists

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

Follow David on Twitter: @Davidde

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