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EUR/USD Struggles Near 2014 High As Candlesticks Suggest Intraday Dip

EUR/USD Struggles Near 2014 High As Candlesticks Suggest Intraday Dip

2014-05-07 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Bearish Engulfing pattern on four hour chartsuggests intraday dip
  • More significant correction may be a stretch given lack of signals on daily

EUR/USDhas broken above the critical 1.3900 handle in recent trading with the pair now seemingly struggling near its 2014 high. Intraday candlestick patterns suggest the potential for a pullback to the original breakout point. However a more significant correction may not be warranted at this stage given a key reversal pattern remains missing on the daily.

EUR/USD: Bulls Pause Near 2014 High

EUR/USD Struggles Near 2014 High As Candlesticks Suggest Intraday Dip

Daily Chart - Created Using FXCM Marketscope 2.0

The pullback from 1.3950 has created a Bearish Engulfing pattern on the four hour chart, which suggests the potential for a dip back to the original breakout point at 1.3900.

EUR/USD: Bearish Engulfing Pattern Emerges Near 1.3950

EUR/USD Struggles Near 2014 High As Candlesticks Suggest Intraday Dip

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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