EUR/USD Further Falls Ahead In Absence of Reversal Candlesticks
- EUR/USD Technical Strategy: Shorts Preferred
- Harami paved the way for a retreat to 1.3600
- Bounce doubtful in absence of reversal patterns
EUR/USD weakness has persisted following the Harami pattern on the daily which helped herald a decline to 1.3590. A daily close below the support level would leave the pair exposed to a retreat to the 1.3500 handle.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Drilling down to the four hour chart; while a Doji candlestick is evident, more notable reversal signals are absent for the Euro. This makes an intraday bounce for the currency appear doubtful.
EUR/USD: Reversal Signals Lacking In Intraday Trade
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Market Analyst, DailyFX
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