News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

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
Subscribe
Please try again
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
More View more
EUR/USD Skimming Key Support With Bullish Candlesticks Missing

EUR/USD Skimming Key Support With Bullish Candlesticks Missing

David de Ferranti, Currency Analyst

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

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