EUR/USD Woes Worsen With Classic Reversal Signals Absent
- EUR/USD Technical Strategy: Shorts Preferred
- Recovery Questionable In Absence of Bullish Signals
- Downside Break Sets Sights Set On July 2013 Low
EUR/USD’s descent has resumed with an absence of key reversal patterns suggesting the immediate risks remain skewed to the downside. The daily close below the 1.2920 hurdle sets the scene for a run on the July 2013 low near 1.2755.
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 rebound over the session ahead. Within the context afforded by the daily this leaves short positions preferred.
EUR/USD: Left Wanting For Bullish Reversal Formations
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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