We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • RT @DanielGMoss: $USDCAD remains confined by channel resistance although strengthening RSI suggests a breakout may be on the cards. $CADJP…
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/xknMZhmJ5C
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.64% France 40: -0.83% US 500: -0.90% FTSE 100: -0.91% Wall Street: -1.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/xgu0QJ9H7c
  • 🇫🇷 Industrial Production MoM (MAY) Actual: 19.6 Expected: 15.1% Previous: -20.1% https://www.dailyfx.com/economic-calendar#2020-07-10
  • Heads Up:🇫🇷 Industrial Production MoM (MAY) due at 06:45 GMT (15min) Expected: 15.1% Previous: -20.1% https://www.dailyfx.com/economic-calendar#2020-07-10
  • A macro forex trading guide exploring how to trade the Euro vs the Swedish Krona and Norwegian Krone through the prism of the Core-Perimeter model. Get your market update from @ZabelinDimitri here:https://t.co/n6zwlZJmGO https://t.co/jbUscJ9E0u
  • USD/CAD IG Client Sentiment: Our data shows traders are now net-short USD/CAD for the first time since Jun 26, 2020 when USD/CAD traded near 1.37. A contrarian view of crowd sentiment points to USD/CAD strength. https://www.dailyfx.com/sentiment https://t.co/SJ4cDT3iIe
  • Learn about the ASEAN-China relationship and how to trade ASEAN currencies like the Singapore Dollar, Indonesian Rupiah, Philippine Peso and Malaysian Ringgit using the Core-Perimeter model. Get your market update from @ZabelinDimitri and @ddubrovskyFX : https://t.co/rNJkPpVCdk https://t.co/6qJKFUBFRm
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.99%, while traders in US 500 are at opposite extremes with 72.57%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/cZNGi5LUei
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.15% 🇨🇦CAD: -0.08% 🇪🇺EUR: -0.12% 🇨🇭CHF: -0.20% 🇳🇿NZD: -0.21% 🇦🇺AUD: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hGwx59H99O
EUR/USD Bullish Engulfing Pattern May See Limited Follow-Through

EUR/USD Bullish Engulfing Pattern May See Limited Follow-Through

2014-08-28 10:57:00
David de Ferranti, Currency Analyst
Share:

Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Bullish Engulfing Formation May Yield A Corrective Bounce
  • Selling Into Rallies Preferred With Core Downtrend Intact

EUR/USDhas staged an about face after failing to crack the 1.3150 floor which has left a Bullish Engulfing formation in its wake. The key reversal pattern warns of a corrective bounce to fill the weekend gap. However, against the backdrop of a core downtrend, a more sustained recovery may prove difficult. This leaves selling into rallies preferred with a retest of 1.3240 likely to see pressure on the pair renewed.

EUR/USD: Bullish Engulfing Pattern Opens Prospect Of A Corrective Bounce

EUR/USD Bullish Engulfing Pattern May See Limited Follow-Through

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

A Morning Star formation on the four chart offered an early indication of a potential bounce for the Euro. The clearance of the 1.3185 barrier alongside an absence of bearish reversal signals casts the spotlight on 1.3240.

EUR/USD: Morning Star Offered Early Indication Of A Bounce

EUR/USD Bullish Engulfing Pattern May See Limited Follow-Through

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.