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EUR/USD May Extend Declines Amid Void Of Reversal Candles

EUR/USD May Extend Declines Amid Void Of Reversal Candles

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Absence Of Bullish Candles Opens Further Declines
  • Close Below 1.2660 To Open Run On 1.2250

EUR/USD may be set to continue its slide amid an absence of candlestick reversal signals for the pair. Some buying interest appears evident near the November 2012 low at 1.2660. If broken the stage would be set for an extended decline to the late August 2012 low at 1.2250.

EUR/USD: May Extend Declines With Bullish Candlesticks Lacking

EUR/USD May Extend Declines Amid Void Of Reversal Candles

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

The four hour chart highlights some hesitation near the 1.6660 mark as denoted by a medley of Doji formations. Yet an absence of classic reversal candlesticks casts doubt on the potential for a recovery over the session ahead.

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

EUR/USD May Extend Declines Amid Void Of 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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