EUR/USD Grinding Towards 1.3100 Floor With Reversal Signals Absent
- EUR/USD Technical Strategy: Shorts Preferred
- Short Body CandlesIndicate Fading Downside Momentum
- Absence of Reversal Signals Leaves The Spotlight On 1.3100
EUR/USD maintains its downward trajectory with bullish candlestick patterns remaining absent for the pair. Several short body candles alongside a Doji formation suggest some hesitation by the bears. Yet the void of classic reversal patterns leaves the risks skewed to the downside and keeps the spotlight on the 1.3100 floor.
EUR/USD: Slowly Grinding Towards 1.3100 Target
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
An examination of the four hour chart reveals some intraday buying interest at the 1.3152 barrier. An ensemble of Dojis suggests indecision near the support level. However, further upside potential may be limited by sellers sitting at the 1.3240 barrier.
EUR/USD: Dojis Denote Indecision Near Intraday Support
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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