EUR/USD Dojis Denote Deliberation Above Key Technical Level
- 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.
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
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Market Analyst, DailyFX
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