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EUR/USD Recovers Ground As Bullish Engulfing Pattern Emerges

EUR/USD Recovers Ground As Bullish Engulfing Pattern Emerges

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Bullish Engulfing pattern suggests potential for push higher
  • Daily close above support at 1.3590 to open 1.3670

As noted in yesterday’s candlesticks report the June FOMC Meeting offered the potential for significant US Dollar volatility. The price action resulting from the meeting has prompted the emergence of a Bullish Engulfing pattern, which suggests the potential for further gains. Sellers may look to emerge at the 1.3670 mark.

EUR/USD: Bullish Engulfing Pattern Sets Stage For Recovery

EUR/USD Recovers Ground As Bullish Engulfing Pattern Emerges

Daily Chart - Created Using FXCM Marketscope 2.0

Several Dojis on the four hour chart further suggested deliberation by traders near 1.3520. At this stage a bearish reversal pattern remains absent which opens EUR/USD to further gains.

EUR/USD: Dojis Signaled Indecision Near Support

EUR/USD Recovers Ground As Bullish Engulfing Pattern Emerges

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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