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EUR/USD Resumes Descent As Bullish Pattern Fails To Find Confirmation

EUR/USD Resumes Descent As Bullish Pattern Fails To Find Confirmation

2014-08-12 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Bullish Engulfing Pattern Fails To Find Confirmation
  • Break Of Nearby Support To Open 1.3100 Target

EUR/USD has failed to sustain a recovery which has left a key reversal pattern lacking confirmation and suggests the pair’s descent may resume. Given the proximity to nearby buying support at1.3320 new shorts may be better served on a downside break. This would set the stage for a push to the September 2013 lows near 1.3100.

EUR/USD: Bullish Engulfing Formation Fails To Find Follow-Through

EUR/USD Resumes Descent As Bullish Pattern Fails To Find Confirmation

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

Drilling down to the four hour chart; the Harami pattern offered an early indication of a potential correction in recent trade. With bullish reversal candlesticks lacking the spotlight remains on the 1.3340 floor.

EUR/USD: 1.3340 In Focus Following Harami Formation

EUR/USD Resumes Descent As Bullish Pattern Fails To Find Confirmation

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

By David de Ferranti, Market Analyst, DailyFX

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