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EUR/USD Climb Over 1.2500 Offers Bullish Signal Confirmation

EUR/USD Climb Over 1.2500 Offers Bullish Signal Confirmation

2014-11-05 05:31:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Flat
  • Hammer Formation Receives Confirmation
  • Dojis Signal Indecision In Intraday Trade

EUR/USD’s about face has helped confirm a Hammer candlestick, leaving the pair with a bullish technical signal. Yet the scope for further gains may be capped by nearby resistance near the 1.2620 barrier. A close back below the 1.2500 barrier would be required to skew the risks to the downside towards the late August ’12 lows near 1.2250.

EUR/USD: Hammer Candlestick Emerges After Intraday Recovery

EUR/USD Climb Over 1.2500 Offers Bullish Signal Confirmation

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

A string of Doji formations on the four hour chart suggests hesitation from the bulls to lead the pair higher. However, a void of clear reversal signals casts doubt on a correction over the session ahead. This leaves clearer cues from candlesticks desired to suggest a technical bias.

EUR/USD: Dojis Denote Indecision In Intraday Trade

EUR/USD Climb Over 1.2500 Offers Bullish Signal Confirmation

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

By David de Ferranti, Currency Analyst, DailyFX

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