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EUR/USD Awaiting Cues From Candlesticks Near 1.2755 Ceiling

EUR/USD Awaiting Cues From Candlesticks Near 1.2755 Ceiling

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Dark Cloud Cover Receives Lackluster Response
  • Range Between 1.2500 and 1.2755 Endures

EUR/USD remains confined within a range between 1.2500 and 1.2755 with recent candlestick reversal signals failing to find follow-through. A breakout above the 1.2755 ceiling would pave the way for a potential push towards former support-turned-resistance at 1.2850. While in the alternative scenario, a close below the 1.2500 floor would be required to open the next leg lower to the late August 2012 low at 1.2250.

EUR/USD: Consolidation Endures As Candlesticks Find Little Follow-Through

EUR/USD Awaiting Cues From Candlesticks Near 1.2755 Ceiling

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

A Harami has emerged in intraday trade on the four hour chart. Confirmation from an ensuing down period would open a revisit of the 1.2605 barrier over the session ahead.

EUR/USD: Harami Offers Warning Near Intraday Highs

EUR/USD Awaiting Cues From Candlesticks Near 1.2755 Ceiling

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

By David de Ferranti, Currency Analyst, DailyFX

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