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EUR/USD Intraday Doji Highlights Indecision Near Range-Bottom

EUR/USD Intraday Doji Highlights Indecision Near Range-Bottom

2014-09-18 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/USDis at a critical juncture as the pair threatens to break its narrow range that has been plagued by indecision by traders. Within the broader context of sustained downtrend a daily close below 1.2850 would favor new short positions with a target of 1.2755.

EUR/USD: Teases Traders Near Range-Bottom

EUR/USD Intraday Doji Highlights Indecision Near Range-Bottom

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

The four hour chart tells a similar narrative as the daily. A Doji near the 1.2840/50 barrier suggests indecision from traders to lead the pair lower. Given the broader backdrop afforded by the daily awaiting a break below the nearby floor would be preferred for new short positions.

EUR/USD: Doji Highlights Hesitation Near Range-Bottom

EUR/USD Intraday Doji Highlights Indecision Near Range-Bottom

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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