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EUR/USD Clings To Key Level As Dojis Denote Indecision

EUR/USD Clings To Key Level As Dojis Denote Indecision

2014-09-24 07:12:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Doji Candlesticks Highlight Indecision Near Lows
  • Spotlight On 1.2755 Following Close Below 1.2850

EUR/USD price action demonstrates indecision from traders as denoted by a Doji formation near the 1.2850 barrier. The candlestick does little to confirm the preceding Harami pattern. This leaves bullish reversal signals lacking and the immediate risk skewed to the downside. A daily close back above the 1.2850 barrier would be required to warn of a small base.

EUR/USD: Eyes 1.2755 Following Clearance Of Range-Bottom

EUR/USD Clings To Key Level As Dojis Denote Indecision

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

The four hour chart tells a further tale of indecision as the medley of short candles and Dojis continues. Buying interest appears to evident in intraday trade at the 1.2820 mark. Yet alongside a void of key reversal signals a recovery over the session ahead is questionable.

EUR/USD: Intraday Recovery Questionable Amid Void of Bullish Patterns

EUR/USD Clings To Key Level As Dojis Denote 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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