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EUR/USD Recovers Lost Ground Following Bullish Reversal Pattern

EUR/USD Recovers Lost Ground Following Bullish Reversal Pattern

2014-08-04 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Hammer Candlestick Offered Bullish Reversal Signal
  • Daily Close Above 1.3440 Required To Open 1.3500

EUR/USD’s recovery may continue following the confirmation of a Hammer candlestick formation on the daily. A close above the nearby 1.3440 barrier would open a run on the psychologically-significant 1.3500 handle. However, some skepticism for further gains may be warranted given the prevailing trend remains to the downside.

EUR/USD: Hammer Yields Corrective Bounce

EUR/USD Recovers Lost Ground Following Bullish Reversal Pattern

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

Drilling down to the four hour chart; a Harami pattern has failed to yield a meaningful correction for EUR/USD. Several ensuing short body candles suggest noteworthy deliberation amongst traders, which does little to confirm a technical bias for the pair.

EUR/USD: Short Periods Highlight Indecision Above 1.3400

EUR/USD Recovers Lost Ground Following Bullish Reversal Pattern

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

By David de Ferranti, Market Analyst, DailyFX

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