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EUR/USD Hammered As Harami Delivers Drop To Notable Support

EUR/USD Hammered As Harami Delivers Drop To Notable Support

2014-07-04 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Harami paved the way for a retreat to 1.3600
  • Bounce doubtful in absence of reversal patterns

As noted in recent candlesticks reports EUR/USD was primed for a pullback following a Harami pattern on the daily near noteworthy resistance at 1.3700. Confirmation from a second successive down-day helped to validate the signal and opened a decline to former resistance-turned-support at 1.3590. A daily close below the support level would suggest enough conviction from the bears to achieve the 1.3500 handle.

EUR/USD: Harami Heralded Retreat

EUR/USD Hammered As Harami Delivers Drop To Notable Support

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

Drilling down to the four hour chart; candlestick reversal signals are notably absent for the Euro. While a bounce looks doubtful at this point a break below support at 1.3585 would likely afford a better entry for new short positions.

EUR/USD: Reversal Signals Lacking In Intraday Trade

EUR/USD Hammered As Harami Delivers Drop To Notable Support

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

By David de Ferranti, Market Analyst, DailyFX

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