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EUR/USD Piercing Line Pattern Produces Slow Grind Higher

EUR/USD Piercing Line Pattern Produces Slow Grind Higher

2014-10-09 07:23:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Piercing Line Pattern Signaled Sentiment Shift
  • Correction Questionable Amid Lack Of Bearish Signals

EUR/USD’s slow march higher has endured after a Piercing Line formation signaled a shift in sentiment near 1.2500. Some selling pressure is evident at the 1.2755 mark, which if broken may open an advance on the 1.2850 ceiling. Whereas, a daily close under former resistance-turned-support at 1.2700 would be required to turn the immediate risk lower.

EUR/USD: Recovery Continues With Piercing Line Pattern In Tow

EUR/USD Piercing Line Pattern Produces Slow Grind Higher

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

The Euro has finally cleared the congestion zone between 1.2500 and 1.2700. A Doji formation may suggest some reluctance from the bulls to lead the pair higher. Yet a pullback is also questionable amid a void of classic reversal signals.

EUR/USD: Clears Congestion Zone Amid Void Of Bearish Signals

EUR/USD Piercing Line Pattern Produces Slow Grind Higher

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

By David de Ferranti, Currency Analyst, DailyFX

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