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EUR/USD Doji Near Resistance Suggests Bulls In Doubt

EUR/USD Doji Near Resistance Suggests Bulls In Doubt

2014-05-13 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Doji on the daily suggests bulls struggling to regain control
  • Haramioffered bearish signal near the 1.3950 mark

The Euro bulls are struggling to regain their grip on prices as denoted by a Doji formation near key resistance at 1.3780. The Harami near 1.3950 suggest the bears remain in control and that the currency may be primed for a drop to the next noteworthy support level at 1.3670.

EUR/USD: Bulls Struggle To Push Back Above Key Resistance

EUR/USD Doji Near Resistance Suggests Bulls In Doubt

Daily Chart - Created Using FXCM Marketscope 2.0

A Bearish Engulfing pattern near 1.3950 offered an intraday signal that declines were on the way for the Euro. While recent trading has yielded several Doji formations which hint at some hesitation from the bears, they are not enough to suggest a bounce at this stage.

EUR/USD: Bearish Engulfing Pattern Sparks Declines

EUR/USD Doji Near Resistance Suggests Bulls In Doubt

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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