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EUR/USD Doji Signals Trader Hesitation Ahead of ECB

EUR/USD Doji Signals Trader Hesitation Ahead of ECB

2014-05-08 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 chart resulted in intraday dip
  • Lack of key reversal signal on the daily precludes correction at this stage

EUR/USDhas retreated from noteworthy resistance at 1.3950 in recent trading. However we’re yet to see a bearish reversal pattern emerge on the daily which would warn of a more significant correction. At this stage buyers remain prepared to support prices at the psychologically-significant 1.3900 handle.

Traders should note the upcoming ECB rate decision is likely to spark significant volatility for the Euro, which may negate technical signals offered.

EUR/USD: Bulls Pause Near 2014 High

EUR/USD Doji Signals Trader Hesitation Ahead of ECB

Daily Chart - Created Using FXCM Marketscope 2.0

As noted in yesterday’s candlesticks report, the Bearish Engulfing pattern on the four hour chart hinted at an intraday dip back to the 1.3900 handle. The emergence of a Doji formation now suggests sellers are hesitant to drive prices lower.

EUR/USD: Bearish Engulfing Pattern Sparks Intraday Dip

EUR/USD Doji Signals Trader Hesitation Ahead of ECB

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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