EUR/USD Vulnerable To Further Declines Amid Void Of Reversal Signals
- EUR/USD Technical Strategy: Pending Short
- Remains Exposed Amid Void Of Reversal Signals
- H4 Chart Shows Indecision Near Intraday Support
EUR/USDmay be exposed to further declines as key reversal candlestick signals appear lacking. The break below the recent lows near 1.2430 sets the scene for a descent on the late August ’12 lows near 1.2250. A push back over the 1.2500 hurdle would be required to warn of a base for the pair.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart suggests some hesitation from the bears to lead the Euro, as indicated by a Doji. Yet as noted on the daily, bullish signals are thus far missing. This in turn makes a corrective bounce questionable.
EUR/USD: Bullish Reversal Signals Lacking Near Intraday Support
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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