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EUR/USD Doji On The Daily Denotes Indecision Near Key Support

EUR/USD Doji On The Daily Denotes Indecision Near Key Support

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Dojidemonstrates indecision amongst traders near 1.3600
  • Shooting Star sees lackluster response casting doubt on correction

EUR/USD traders remain indecisive near the critical 1.3600 handle, as denoted by a Doji candlestick on the daily. Following a lackluster response to the Shooting Star pattern, it remains to be seen what could stir the bears to push the currency lower.

EUR/USD: Doji Suggests Indecision Near 1.3600

EUR/USD Doji On The Daily Denotes Indecision Near Key Support

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; a Piercing Line pattern offers a bullish signal in intraday trade. However, recent candlestick patterns have failed to yield much follow-through, which casts doubt on the potential for a push higher.

EUR/USD: Piercing Line May See Little Follow-Through

EUR/USD Doji On The Daily Denotes Indecision Near Key Support

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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