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EUR/USD Bounce Doubtful With Reversal Pattern Absent

EUR/USD Bounce Doubtful With Reversal Pattern Absent

2014-06-18 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

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

EUR/USD price action continues to exhibit signs of indecision amongst traders as the pair wavers between the 1.3500 and 1.3600 levels. While the bears may be taking a breather, we’re yet to see a key reversal pattern emerge, which would warn of a bounce. 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.

Traders should also be mindful that the upcoming June FOMC Meeting poses significant event risk, and the resulting price action could override technical signals offered. Watch the live coverage here.

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

EUR/USD Bounce Doubtful With Reversal Pattern Absent

Daily Chart - Created Using FXCM Marketscope 2.0

Several Dojis on the four hour chart further suggests deliberation by traders as we travel near noteworthy support at 1.3520. Similarly to the daily, few signs of a bounce are evident at this stage.

EUR/USD: Dojis Signal Indecision Near Support

EUR/USD Bounce Doubtful With Reversal Pattern Absent

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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