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EUR/USD Struggles Sub 1.2700 As A Doji Denotes Indecision

EUR/USD Struggles Sub 1.2700 As A Doji Denotes Indecision

2014-10-08 07:19:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Doji Does Little To Confirm Piercing Line Pattern
  • Awaiting Cues On H4 Following Sideways Drift

EUR/USD’s recent Doji formation does little to inspire confidence in the reversal signal offered by a Piercing Line pattern. Alongside the sustained presence of a downtrend sellers sitting nearby at the 1.2700 handle a recovery may prove a difficult feat. Further, the Euro’s path lower over recent months has been littered with reversal signals that have failed to generate much follow-through.

EUR/USD: Recovery Questionable Following Doji Formation

EUR/USD Struggles Sub 1.2700 As A Doji Denotes Indecision

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

The four hour chart has been plagued by choppy price action over the past 24 hours. This has left a void of cues from candlestick analysis and suggests awaiting a more constructive setup may be prudent.

EUR/USD: Intraday Drift Leaves Clearer Cues Desired

EUR/USD Struggles Sub 1.2700 As A Doji Denotes 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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