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EUR/USD Awaiting Daily Close Below 1.3500 To Offer New Sell Entries

EUR/USD Awaiting Daily Close Below 1.3500 To Offer New Sell Entries

2014-06-16 09:48:00
David Ferranti,
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Talking Points

  • EUR/USD Technical Strategy: Short Pending
  • Daily close below support at 1.3500 to open 1.3400
  • Absence of bullish signals casts doubt on potential bounce

The Euro bulls appear unwilling to relinquish their grip on the pair as the common currency holds above the 1.3500 handle. While several short body candles are suggestive of indecision amongst traders, they do little to suggest a more meaningful bounce at this stage. A daily close below support at 1.3500 would help signal conviction amongst the bears and open up the next psychologically-significant level at 1.3400.

EUR/USD: Signs of Indecision, Yet Too Soon To Suggest A Bounce

EUR/USD Awaiting Daily Close Below 1.3500 To Offer New Sell Entries

Daily Chart - Created Using FXCM Marketscope 2.0

A Bearish Engulfing pattern near resistance on the four hour chart delivered a drop for EUR/USD to support at 1.3520. While downside momentum appears to have evaporated, a reversal signal remains absent in intraday trade casting doubt on a recovery.

EUR/USD: Bearish Engulfing Pattern Near Resistance Delivers Drop

EUR/USD Awaiting Daily Close Below 1.3500 To Offer New Sell Entries

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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