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EUR/USD Resumes Descent With A Hanging Man In Its Wake

EUR/USD Resumes Descent With A Hanging Man In Its Wake

2014-10-22 02:38:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Selling Reignited In The Wake Of A Hanging Man
  • Bullish Reversal Signals Absent In Intraday Trade

EUR/USDhas seen renewed selling pressure after a Hanging Man left the pair with bearish technical cues. The slide under buying interest at 1.2755 opens the prospect of a drop towards 1.2620 ahead of 1.2500. Yet a clean descent is likely to prove difficult given recent ‘messy’ price action.

EUR/USD: Resumes Descent With 1.2620 In Focus

EUR/USD Resumes Descent With A Hanging Man In Its Wake

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

Buyers appear prepared to support the pair at the 1.2705 floor in intraday trade. Yet an absence of bullish reversal signals at this stage casts doubt over the potential for a recovery.

EUR/USD: Intraday Recovery Questionable Amid Void Of Bullish Candlesticks

EUR/USD Resumes Descent With A Hanging Man In Its Wake

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

By David de Ferranti, Currency Analyst, DailyFX

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