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EUR/USD Consolidation Continues As Short Candles Indicate Indecision

EUR/USD Consolidation Continues As Short Candles Indicate Indecision

2014-09-15 10:57:00
David de Ferranti, Currency Analyst
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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 continues to search for direction as an ensemble of short body candles highlights hesitation from 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 Consolidation Continues As Short Candles Indicate Indecision

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

The four hour chart tells a similar narrative as the daily. 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 Consolidation Continues As Short Candles Indicate Indecision

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

By David de Ferranti, Currency Analyst, DailyFX

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