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EUR/USD Eyes 1.2500 With Bullish Reversal Signals Lacking

EUR/USD Eyes 1.2500 With Bullish Reversal Signals Lacking

2014-10-23 02:09:00
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 extended its declines with a Hanging Man formation in the rearview mirror. With bullish reversal signals absent a close beneath the 1.2620 barrier would open a descent on 1.2500. Yet a clean run lower is likely to prove difficult given recent ‘messy’ price action.

EUR/USD: Awaiting Break Of 1.2620 To Open 1.2500

EUR/USD Eyes 1.2500 With Bullish Reversal Signals Lacking

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

The four hour chart tells a similar narrative to the daily. An absence of bullish candlestick patterns suggests the potential for further weakness. Clearance of the 1.2600/20 region would pave the way for a push towards the 1.2500 floor.

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

EUR/USD Eyes 1.2500 With Bullish Reversal Signals Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

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