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EUR/USD Dragonfly Doji Denotes Indecision Ahead of ECB Decision

EUR/USD Dragonfly Doji Denotes Indecision Ahead of ECB Decision

2014-08-07 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Dragonfly Doji Suggests Hesitation Amongst The Bears
  • Reversal Pattern On H4 Suggested An Intraday Bounce

EUR/USD has managed to stage a small recovery yielding a Dragonfly Doji on the daily. The candlestick pattern suggests indecision from traders, yet does not indicate a complete shift in sentiment at this stage. With a congestion zone looming overhead (1.3400-1.3440) sustained gains are questionable.

Traders should note the upcoming ECB decision holds the potential to spark significant volatility that could void technical signals offered.

EUR/USD: Dragonfly Doji Denotes Hesitation Near 1.3400

EUR/USD Dragonfly Doji Denotes Indecision Ahead of ECB Decision

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

Drilling down to the four hour chart; a Bullish Engulfing pattern sub 1.3370 offered an early indication of an intraday bounce for EUR/USD. However, several short periods do little to suggest the potential for a climb over the 1.3400 handle over the session ahead.

EUR/USD: Reversal Pattern Offered Indication Of An Intraday Bounce

EUR/USD Dragonfly Doji Denotes Indecision Ahead of ECB Decision

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

By David de Ferranti, Market Analyst, DailyFX

Follow David on Twitter: @Davidde

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