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EUR/USD Dojis Denote Deliberation Above Key Technical Level

EUR/USD Dojis Denote Deliberation Above Key Technical Level

2014-07-09 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 price action has been dominated by short body candles over the past week, signifying notable indecision amongst traders. While buyers appear prepared to support the pair at 1.3590, bullish 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 Dojis Denote Deliberation Above Key Technical Level

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

Similarly intraday price action on the four hour chart reveals elements of deliberation with Dojis forming above resistance-turned support at 1.3610. With key reversal patterns seemingly missing no clear technical bias is offered.

EUR/USD: Dojis Highlight Hesitation In Intraday Trade

EUR/USD Dojis Denote Deliberation Above Key Technical Level

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

By David de Ferranti, Market Analyst, DailyFX

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