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EUR/USD Retreats As Key Reversal Pattern Left Lacking Confirmation

EUR/USD Retreats As Key Reversal Pattern Left Lacking Confirmation

2014-08-29 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Bullish Engulfing Fails To Find Follow-Through
  • Selling Into Rallies Preferred With Core Downtrend Intact

EUR/USD’s retreat has left a Bullish Engulfing pattern lacking confirmation and void of key reversal signals. After having filled the bulk of its weekend gap in intraday trade the spotlight is turned back to the 1.3100 floor.

EUR/USD: Bullish Engulfing Pattern Fails To Find Confirmation

EUR/USD Retreats As Key Reversal Pattern Left Lacking Confirmation

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

Drilling down to the four hour chart a narrow range is made more evident. Turning points have been signaled by key reversal patterns including most recently an Evening Star formation near 1.3240. Yet a void of bullish candlesticks near 1.3152 casts some doubt on the potential for an intraday recovery.

EUR/USD: Candlestick Patterns Signal Turning Points Within Intraday Range

EUR/USD Retreats As Key Reversal Pattern Left Lacking Confirmation

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

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