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EUR/USD May Extend Declines With Bullish Candlestick Signal Missing

EUR/USD May Extend Declines With Bullish Candlestick Signal Missing

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Break of support and absence of bullish signal opens further declines
  • Four hour chart shows some hesitation from the bears

EUR/USD may be set to extend its recent declines following a break below key support near 1.3670, and the absence of a bullish signal on the daily. Buyers are likely to step in to support the common currency at 1.3560.

EUR/USD: Bears Take Out Buying Support

EUR/USD May Extend Declines With Bullish Candlestick Signal Missing

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine the four hour chart; a Gravestone Doji suggests the Euro bears may have run out of steam in intraday trade. While a sign of indecision from traders, it may be too early to suggest a shift in sentiment is on the cards for the common currency, given resistance looms nearby.

EUR/USD: Gravestone Doji Suggests Hesitation From The Bears

EUR/USD May Extend Declines With Bullish Candlestick Signal Missing

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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