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EUR/USD Bullish Candlestick Formation Delivers Further Gains

EUR/USD Bullish Candlestick Formation Delivers Further Gains

2014-10-29 04:38:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Rise Continues Following Morning Star Pattern
  • Doji On H4 Suggests Fading Upside Momentum

EUR/USDhas tapped the 1.2755 barrier after a Morning Star signaled a return of the bulls. Clearance of the nearby ceiling amid a void of bearish candlesticks would open a revisit of the 1.2850 peak. However, the past several weeks have witnessed a more general consolidation for the pair suggesting further follow-through may be difficult.

EUR/USD: Awaits Clearance Of 1.2755 Amid Void Of Bearish Reversal Signals

EUR/USD Bullish Candlestick Formation Delivers Further Gains

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

A Doji on the four hour chart may already be signaling fading momentum from the bulls. However, the candlestick formation is not classed as a key reversal pattern – which in turn casts doubt on a potential correction.

EUR/USD: Doji Signals Hesitation From The Bulls

EUR/USD Bullish Candlestick Formation Delivers Further Gains

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

By David de Ferranti, Currency Analyst, DailyFX

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