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EUR/USD Left Wanting For Reversal Signals After Cataclysmic Drop

EUR/USD Left Wanting For Reversal Signals After Cataclysmic Drop

2014-09-05 10:02:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Recovery Questionable In Absence of Bullish Signals
  • H4 Doji Denotes Hesitation Near Intraday Support

EUR/USD’s cataclysmic decline has left an absence of bullish reversal signals in its wake. Within the context of a core downtrend this casts some doubt over the potential for a sustained recovery for the pair. A daily close below the 1.2920 hurdle would set the scene for a run on the July 2013 low near 1.2755.

EUR/USD: Awaiting Turning Signal To Build Recovery Hopes

EUR/USD Left Wanting For Reversal Signals After Cataclysmic Drop

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

The four hour chart reveals a similar narrative to the daily with a void of reversal candlesticks suggesting a strong recovery may prove difficult. However, a Doji formation denotes indecision from traders near the 1.2920 mark. This suggests a corrective bounce over the session ahead should not be precluded.

EUR/USD: Left Wanting For Bullish Reversal Formations

EUR/USD Left Wanting For Reversal Signals After Cataclysmic Drop

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

By David de Ferranti, Currency Analyst, DailyFX

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