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EUR/USD Hammer To Warn Of Corrective Bounce If Confirmed

EUR/USD Hammer To Warn Of Corrective Bounce If Confirmed

2014-07-31 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Hammer To Offer Bullish Signal If Confirmed
  • Downside Risk Remains With 1.3320 In Focus

EUR/USD’s downward trajectory may be at risk following the emergence of a Hammer formation on the daily. However, the bullish reversal pattern lacks the successive up-day required to confirm the signal. Additionally, given the proximity to resistance at 1.3400 a recovery may be a stretch at this stage. This leaves the spotlight on the 1.3320 mark.

EUR/USD: 1.3320 In Focus With Hanging Man Lacking Confirmation

EUR/USD Hammer To Warn Of Corrective Bounce If Confirmed

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

Drilling down to the four hour chart; a Morning Star pattern offers a bullish reversal signal in intraday trade. However, as noted above sellers remain prepared to cap the currency’s recovery at the 1.3400 handle. This casts doubt over the potential for a sustained bounce for the Euro.

EUR/USD: Morning Star Fails To Find Follow-Through With Resistance Nearby

EUR/USD Hammer To Warn Of Corrective Bounce If Confirmed

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

By David de Ferranti, Market Analyst, DailyFX

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