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EUR/USD Hammer Hints At A Bounce In Intraday Trade

EUR/USD Hammer Hints At A Bounce In Intraday Trade

2014-05-14 10:57:00
David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Haramioffered bearish signal near the 1.3950 mark
  • Hammer in intraday trade hints at a possible bounce

As noted in yesterday’s candlesticks report the Euro was primed for a drop towards the 1.3670 level of support, which followed the emergence of a Harami pattern near resistance at 1.3950. While a second Harami appears to be forming in intraday trade, the candle is yet to close, which would be required for the bullish to be valid.

EUR/USD: Harami Delivers Dip To Support

EUR/USD Hammer Hints At A Bounce In Intraday Trade

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine intraday price action on the four hour chart; there is some evidence that the EUR/USD bulls are staging a return. The Hammer formation near 1.3692 hints at a possible bounce for the pair in the session ahead. However, gains may be limited, given resistance remains at the nearby 1.3745 mark.

EUR/USD: Hammer Suggests Intraday Bounce

EUR/USD Hammer Hints At A Bounce In Intraday Trade

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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