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EUR/USD Skimming Key Support With Bullish Candlesticks Missing

EUR/USD Skimming Key Support With Bullish Candlesticks Missing

2014-09-08 10:57:00
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 is left hanging by a thread near critical support as a Doji signals some hesitation from traders to lead the pair lower. The sign of indecision may yield a small corrective bounce. Yet a void of bullish patterns within the context of a core downtrend suggests a more sustained recovery may prove difficult. 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: Sustained Recovery Hopes Lacking Amid Absence Of Reversal Patterns

EUR/USD Skimming Key Support With Bullish Candlesticks Missing

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 casting doubt over the potential for a retest of its recent highs. A medley of short body session and Doji candlesticks denotes a strong degree of indecision near the 1.2920 barrier.

EUR/USD: Left Wanting For Bullish Reversal Formations

EUR/USD Skimming Key Support With Bullish Candlesticks Missing

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

By David de Ferranti, Currency Analyst, DailyFX

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