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EUR/USD Leaves Traders In Suspense As Dojis Dominate At Key Support

EUR/USD Leaves Traders In Suspense As Dojis Dominate At Key Support

2014-09-04 07:16:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Hesitation Persists As Highlighted By Dojis Near 1.3100
  • Recovery Questionable In Absence of Bullish Signals

EUR/USDcontinues to tease traders as several short body sessions suggest hesitation near the 1.3100 barrier. A daily close below the hurdle would be required to set the scene for a run on the psychologically-significant 1.3000 handle.

EUR/USD: Doji Highlights Indecision Near Critical Support

EUR/USD Leaves Traders In Suspense As Dojis Dominate At Key Support

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

The four hour chart reveals a similar narrative to the daily with several short body periods indicating indecision. Yet a void of bullish reversal candlesticks casts doubt on a recovery at this stage. Given the context afforded by the daily, clearance of the 1.3100 handle would be preferred before looking at new short positions.

EUR/USD: Absence of Reversal Patterns Casts Doubt On A Corrective Bounce

EUR/USD Leaves Traders In Suspense As Dojis Dominate At Key Support

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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