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EUR/USD Gravestone Doji Suggests Hesitation Near Critical Support

EUR/USD Gravestone Doji Suggests Hesitation Near Critical Support

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Pending Short
  • Doji Candlestick Indicates Indecision Near 1.3340
  • Break Of Nearby Support To Open 1.3100 Target

The Euro remains at a critical juncture as the emergence of a Gravestone Doji indicates traders remain hesitant to tip the currency over the 1.3340 barrier. Given the proximity to nearby buying support 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: Dojis Highlights Hesitation Near Recent Lows

EUR/USD Gravestone Doji Suggests Hesitation Near Critical Support

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

An examination of the four hour chart reveals the presence of more defined range between 1.3340 and 1.3430. Turning points within the corridor have been marked by key candlestick reversal patterns. Based on the context afforded by the daily, shorts near the range-top would be preferred to trying to pick a bottom.

EUR/USD: Reversal Patterns Indicate Turning Points In Intraday Range

EUR/USD Gravestone Doji Suggests Hesitation Near Critical Support

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

By David de Ferranti, Market Analyst, DailyFX

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