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EUR/USD Targets 1.3500 In Absence of Key Reversal Candlestick

EUR/USD Targets 1.3500 In Absence of Key Reversal Candlestick

2014-06-10 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Absence of bullish candlestick opens further declines
  • Falls likely to be met by buying support near 1.3500

As suggested in the most recent EUR/USD candlesticks report; the Euro was set for further declines in the absence of a bullish reversal pattern. While the pair staged a small recovery to support-turned-resistance at 1.3670, the emergence of another Harami pattern suggests the bears have regained control of prices. Further falls may encounter buying support at the psychologically-significant 1.3500 handle.

EUR/USD: Bears Dominate Following Harami Candlestick Patterns

EUR/USD Targets 1.3500 In Absence of Key Reversal Candlestick

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine the four hour chart; a Dark Cloud Cover candlestick pattern indicated the bears were wrestling control of prices following a test of 1.3665. Following the ensuing break below buying support at 1.3585 we’re yet to see a bullish reversal pattern emerge. This suggests the potential for a continued correction to 1.3500.

EUR/USD: Targeting 1.3500 In Absence of Bullish Pattern

EUR/USD Targets 1.3500 In Absence of Key Reversal Candlestick

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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