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EUR/USD May Face Further Falls With Bullish Candlesticks Left Lacking

EUR/USD May Face Further Falls With Bullish Candlesticks Left Lacking

2014-08-20 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Recovery Doubtful In Absence of Bullish Patterns
  • H4 Chart Offered An Early Warning of A Pullback

EUR/USD’s woes may be set to continue following a leap over critical support leaving an absence of bullish reversal patterns. This may leave the pair vulnerable to a sustained descent on the 1.3100 handle (the September 2013 low). A daily close back above the 1.3340 barrier would be required to negate a bearish technical bias.

EUR/USD: Faces Further Weakness With Key Reversal Patterns Lacking

EUR/USD May Face Further Falls With Bullish Candlesticks Left Lacking

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

The four hour chart offered an advance warning of EUR/USD’s intraday retreat. A Bearish Engulfing formation signaled the potential for a retest of the recent range lows. The absence of a bullish reversal signals casts doubt over the potential for a recovery over the session ahead.

EUR/USD: Bearish Candlestick Pattern Indicated Correction Potential

EUR/USD May Face Further Falls With Bullish Candlesticks Left Lacking

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

By David de Ferranti, Market Analyst, DailyFX

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