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EUR/USD Further Falls Ahead In Absence of Reversal Candlesticks

EUR/USD Further Falls Ahead In Absence of Reversal Candlesticks

2014-07-07 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

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.

EUR/USD: Harami Hinted At Weakness Ahead

EUR/USD Further Falls Ahead In Absence of Reversal Candlesticks

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

EUR/USD Further Falls Ahead In Absence of Reversal Candlesticks

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

By David de Ferranti, Market Analyst, DailyFX

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