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EUR/USD Carves Fresh 2014 Low Amid Void Of Bullish Reversal Candles

EUR/USD Carves Fresh 2014 Low Amid Void Of Bullish Reversal Candles

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Absence Of Bullish Candles Opens Further Declines
  • Close Below 1.2755 To Open Run On 1.2660

EUR/USDhas taken its next leg lower after a Doji signaled reluctance from the bulls to reclaim the 1.2850 barrier. Amid a void of bullish reversal signals the immediate risks remain skewed to the downside. A breach of the 1.2755 floor would open a descent towards the November 2012 Low near 1.2660.

EUR/USD: Awaiting Break Below Nearby 1.2755 Barrier

EUR/USD Carves Fresh 2014 Low Amid Void Of Bullish Reversal Candles

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

The four hour chart reveals a similar narrative to the daily. An absence of key reversal candlestick patterns casts doubt on the potential for a recovery and opens the door to further declines.

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

EUR/USD Carves Fresh 2014 Low Amid Void Of Bullish Reversal Candles

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

By David de Ferranti, Currency Analyst, DailyFX

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