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EUR/USD Spotlight On 1.3100 As Confirmation Of Bullish Pattern Fails

EUR/USD Spotlight On 1.3100 As Confirmation Of Bullish Pattern Fails

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Harami Pattern Fails To Find Confirmation
  • Spotlight Remains On The 1.3100 Floor

EUR/USD has resumed its downward trajectory which has negated a bullish reversal pattern on the daily. The Harami formation had signaled the potential for a recovery yet failed to find confirmation from a successive up period. This leaves the risks skewed to the downside and keeps the spotlight on the 1.3100 floor.

EUR/USD: Bullish Reversal Signal Fails To Find Confirmation

EUR/USD Spotlight On 1.3100 As Confirmation Of Bullish Pattern Fails

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

An examination of the four hour chart reveals some intraday buying support at the 1.3185 barrier. While a Harami pattern had hinted at a recovery for the pair, follow-through proved limited. This casts some doubt over the potential for a bounce over the remainder of the session.

EUR/USD: Bulls Uninspired Despite Harami Pattern

EUR/USD Spotlight On 1.3100 As Confirmation Of Bullish Pattern Fails

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

By David de Ferranti, Currency Analyst, DailyFX

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