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EUR/USD Traders Look Past Bullish Signal As Support Breaks

EUR/USD Traders Look Past Bullish Signal As Support Breaks

2014-05-23 07:36:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Hammer fails to receive confirmation following break of support
  • Daily close below 1.3670 opens further declines

EUR/USD has pushed below the 1.3670 mark which has failed to confirm the Hammer formation on the daily. With the Euro closing below the noteworthy level of support, further declines may be on the cards. Buyers are likely to step in to support the common currency at 1.3560.

EUR/USD: Bears Take Out Buying Support

EUR/USD Traders Look Past Bullish Signal As Support Breaks

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine the four hour chart; there are few signs of a potential bounce over the session ahead, given a bullish signal remains absent.

EUR/USD: Bounce In Doubt With Candlestick Signal Missing

EUR/USD Traders Look Past Bullish Signal As Support Breaks

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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