EUR/USD Upward Momentum Fades As Hanging Man Emerges
- EUR/USD Technical Strategy: Sidelines Preferred
- Hanging Man Emerges After Retreat From 1.2850
- Doji On H4 Highlights Hesitation In Intraday Trade
EUR/USDhas seemingly lost steam after bumping the 1.2850 mark, which has left a Hanging Man in its wake. The key reversal formation awaits confirmation from a successive down-period to suggest a deeper setback. Some buying interest is likely to be renewed at the 1.2755 floor, below which could see 1.2500.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Bullish Engulfing formation on the four hour chart failed to confirmation, suggesting a lack of upward momentum for the Euro. This is reinforced by several short body candles and a Doji formation. Yet a lack of key reversal patterns casts doubt over a correction during the session ahead.
EUR/USD: Doji Signals Reluctance Following Recent Run
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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