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EUR/USD Awaiting Break Of Narrow Range As Candles Highlight Hesitation

EUR/USD Awaiting Break Of Narrow Range As Candles Highlight Hesitation

2014-09-16 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Pending Short
  • Short Body Candles Indicate Indecision Amongst Traders
  • Break Below 1.2850 Floor To Open A Run On 1.2755

EUR/USD’s technical picture continues to suggest indecision amongst traders given the medley of short body candles for the pair. Within 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 Awaiting Break Of Narrow Range As Candles Highlight Hesitation

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 volume do little to confirm a clear trading bias for the common currency. Further, the narrow trading band that has emerged for the Euro offers little juice to squeeze. This leaves a breakout preferred before adopting fresh positioning.

EUR/USD: Lacking Clear Signals In Intraday Trade

EUR/USD Awaiting Break Of Narrow Range As Candles Highlight 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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