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EUR/USD Harami Near Critical Resistance Hints At A Reversal

EUR/USD Harami Near Critical Resistance Hints At A Reversal

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Harami paves way for retreat to 1.3600
  • Dojidemonstrated indecision amongst traders near 1.3700

EUR/USD may be primed for a pullback following a Harami pattern on the daily near noteworthy resistance at 1.3700. Confirmation from a second successive down-day would help validate the signal and open a decline to former resistance-turned-support at 1.3590.

EUR/USD: Harami Hints At Retreat

EUR/USD Harami Near Critical Resistance Hints At A Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; a Doji candlestick offered an indication of hesitation from the bulls following a knock on the psychologically-significant 1.3700 handle. While EUR/USD may have found support near 1.3650 in intraday trading, the absence of a bullish reversal pattern casts doubt on a recovery.

EUR/USD: Doji Highlights Hesitation Near Key Level

EUR/USD Harami Near Critical Resistance Hints At A Reversal

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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