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EUR/USD Aiming Lower Following Bearish Reversal Pattern

EUR/USD Aiming Lower Following Bearish Reversal Pattern

2014-07-03 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Harami paves way for retreat to 1.3600
  • Dojidemonstrates hesitation in intraday trade

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

Traders should note the upcoming ECB rate decision and US NFPs report hold the potential to spark significant volatility for EUR/USD, which could act to negate technical signals offered.

EUR/USD: Harami Hints At Retreat

EUR/USD Aiming Lower Following Bearish Reversal Pattern

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

Drilling down to the four hour chart; a Doji candlestick near support at 1.3638 suggests some hesitation from the bulls. However, the formation may prove insufficient to spark a recovery for the pair over the session ahead.

EUR/USD: Doji Highlights Hesitation Near Support

EUR/USD Aiming Lower Following Bearish Reversal Pattern

4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Market Analyst, DailyFX

Follow David on Twitter: @Davidde

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