EUR/USD Clings To Key Level As Dojis Denote Indecision
- 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
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
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
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.