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EUR/USD To Extend Slide With Bullish Candlestick Pattern Absent

EUR/USD To Extend Slide With Bullish Candlestick Pattern Absent

2014-05-15 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Haramioffered bearish signal near the 1.3950 mark
  • 4 hour chart shows little signs of a potential bounce

The Harami pattern noted in yesterday’s report has failed to receive confirmation from a second successive up-day, with EUR/USD extending its recent declines to the noteworthy 1.3670 mark. This leaves a bullish reversal signal missing for the pair and suggests a drop to the next definitive support level at 1.3480 may be on the cards, if the candle can close below 1.3670.

EUR/USD: Bullish Signal Lacks Confirmation Near Key Support.

EUR/USD To Extend Slide With Bullish Candlestick Pattern Absent

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine intraday price action on the four hour chart; a sharp decline for the common currency at the outset of European trading gives little hint at a potential bounce over the remainder of the session. Buyers may look to step in at the 1.3642 mark.

EUR/USD: Bounce In Doubt With Candlestick Signal Missing

EUR/USD To Extend Slide With Bullish Candlestick Pattern Absent

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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