EUR/USD Bullish Candlestick May Struggle To Find Follow-Through
- EUR/USD Technical Strategy: Shorts Preferred
- Bullish Engulfing Emerges Following Recovery
- Gains May Be Capped By Nearby Resistance Zone
EUR/USD’s recent recovery has yielded a Bullish Engulfing pattern which suggests the potential for further gains if confirmed by a successive up-day. However, skepticism over a sustained push higher is warranted given noteworthy the congestion overhead (1.3440-1.3500).
EUR/USD: Key Reversal Pattern May Find Limited Follow-Through
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Drilling down to the four hour chart; a Harami pattern offers a bearish signal for the session ahead. A push past the nearby 1.3390 floor would set the stage for a drop to the 1.3340 barrier.
EUR/USD: Awaiting Push Past Support Following Bearish Candlestick 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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