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
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
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.
