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EUR/USD Hanging Man Warns Of Deeper Setback Towards 1.2620

EUR/USD Hanging Man Warns Of Deeper Setback Towards 1.2620

2014-10-19 23:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Hanging Man Emerges After Retreat From 1.2850
  • Dark Cloud Cover On H4 Offered Early Warning

EUR/USDhas continued a cautious retreat after a Hanging Man signaled a return of the bears near 1.2850. The reversal formation has received confirmation from a successive down-period, which warns of a deeper setback to the recent lows near 1.2620 ahead of 1.2500. However, traders should be mindful the pair is setting a series of higher highs and higher lows, the basic definition of an uptrend.

EUR/USD: Retreat Leaves A Hanging Man In Its Wake

EUR/USD Hanging Man Warns Of Deeper Setback Towards 1.2620

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

A Dark Cloud Cover pattern on the four hour chart offered an early warning signal of a potential pullback in intraday trade. With bullish reversal signals seemingly lacking a recovery over the session ahead is questionable.

EUR/USD: Dark Cloud Cover Offers Precursor To Intraday Retreat

EUR/USD Hanging Man Warns Of Deeper Setback Towards 1.2620

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

By David de Ferranti, Currency Analyst, DailyFX

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