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EUR/USD Eyes 1.3500 Handle With Bullish Reversal Candlesticks Absent

EUR/USD Eyes 1.3500 Handle With Bullish Reversal Candlesticks Absent

2014-07-16 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Absence of key reversal patterns casts doubt on recovery
  • Break of 1.3590 sets the stage for a drop to 1.3500

EUR/USD has cracked key support at 1.3590 with a void of bullish candlesticks casting doubt on a potential recovery for the pair. This puts the 1.3500 handle where buyers may look to step in to support the currency.

EUR/USD: 1.3500 On The Cards Following Break Of Key Support

EUR/USD Eyes 1.3500 Handle With Bullish Reversal Candlesticks Absent

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

Drilling down to the four hour chart observable candlestick reversal patterns are seemingly absent. This makes an intraday recovery for the pair questionable. 1.3520 could slow the Euro’s decline on the way to the critical 1.3500 level.

EUR/USD: Absence of Reversal Patterns Opens Further Declines

EUR/USD Eyes 1.3500 Handle With Bullish Reversal Candlesticks Absent

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

By David de Ferranti, Market Analyst, DailyFX

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