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EUR/USD Bears Catch Their Breath As A Doji Signals Hesitation

EUR/USD Bears Catch Their Breath As A Doji Signals Hesitation

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Doji Denotes Indecision As Consolidation Continues
  • Break Below 1.2850 Floor To Open A Run On 1.2755

EUR/USD’s consolidation has continued as a medley of short body candles and a Doji formation indicate indecision amongst traders. Amid the broader context of sustained downtrend a break below 1.2850 would favor new short positions with a target of 1.2755.

EUR/USD: Awaiting Break As Consolidation Continues

EUR/USD Bears Catch Their Breath As A Doji Signals Hesitation

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

The Euro’s recently carved range is well-pronounced on the four hour timeframe. Yet several short body candles amid a slump in trading volume do little to confirm a clear trading bias for the common currency.

EUR/USD: Lacking Clear Signals In Intraday Trade

EUR/USD Bears Catch Their Breath As A Doji Signals Hesitation

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

By David de Ferranti, Currency Analyst, DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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