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EUR/USD Breaches 1.2500 Barrier With Bullish Candlesticks Lacking

EUR/USD Breaches 1.2500 Barrier With Bullish Candlesticks Lacking

2014-11-03 04:40:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Pending Short
  • Awaiting Daily Close Below 1.2500 To Open 1.2250
  • Key Reversal Signals Lacking In Intraday Trade

EUR/USDhas dipped below the critical 1.2500 barrier in intraday trade with bullish reversal signals lacking. This leaves a daily close below the floor desired to signal a fresh short opportunity. An absence of bullish reversal signals suggests the prospect of further weakness with a downside target offered by the late August ’12 lows near 1.2250.

EUR/USD: Breaches 1.2500 Handle With Bullish Reversal Signals Lacking

EUR/USD Breaches 1.2500 Barrier With Bullish Candlesticks Lacking

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

The four hour chart reveals a void of bullish reversal signals which suggests a corrective bounce may prove challenging. Selling interest is likely to be renewed at former support-turned-resistance at 1.2500.

EUR/USD: Lacking Bullish Signals In Intraday Trade

EUR/USD Breaches 1.2500 Barrier With Bullish Candlesticks 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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