EUR/USD Bears Catch Their Breath As A Doji Signals Hesitation
- 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
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
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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