EUR/USD Awaiting Break Of Narrow Range As Candles Highlight Hesitation
- 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.
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
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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