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EUR/USD Candlesticks Reflect Caution As Consolidation Continues

EUR/USD Candlesticks Reflect Caution As Consolidation Continues

2014-09-17 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Pending Short
  • Medley of Dojis and Short Sessions Indicate Indecision
  • Awaiting Downside Break Amid Bearish Backdrop

EUR/USDremains range-bound as a parade of Doji candlesticks and short body sessions suggest hesitation from traders. 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 From Narrow Trading Band

EUR/USD Candlesticks Reflect Caution As Consolidation Continues

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 Candlesticks Reflect Caution As Consolidation Continues

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

By David de Ferranti, Currency Analyst, DailyFX

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