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EUR/USD Awaits Guidance From Candlestick Signals Near Support

EUR/USD Awaits Guidance From Candlestick Signals Near Support

2014-07-08 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Harami paved the way for a retreat to 1.3590
  • Bounce doubtful in absence of reversal patterns

EUR/USD has failed to break key support near 1.3590 after a Harami pattern led the currency lower over the last week. While buyers appear prepared to support the pair at current levels, reversal signals on the daily remain absent. This casts doubt over the potential for a recovery to resistance at 1.3700.

EUR/USD: Bounce Doubtful With Reversal Signals Absent

EUR/USD Awaits Guidance From Candlestick Signals Near Support

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

Drilling down to the four hour chart; a Morning Star formation gave rise to an intraday bounce for EUR/USD. However several Doji candlesticks suggest hesitation from the bulls as the pair tests 1.3610, which makes a push higher appear questionable.

EUR/USD: Dojis Highlight Hesitation In Intraday Trade

EUR/USD Awaits Guidance From Candlestick Signals Near Support

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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