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EUR/USD Approaches 1.2500 Ceiling With A Piercing Line In Its Wake

EUR/USD Approaches 1.2500 Ceiling With A Piercing Line In Its Wake

2014-11-10 06:00:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Pending Short
  • Bullish Candlestick Pattern Awaits Validation
  • H4 Chart Reveals Lack Of Intraday Reversal Patterns

EUR/USD’s recent rebound has produced a Piercing Line pattern, which awaits confirmation from a successive up-period to be confirmed. Given the presence of a short-term downtrend and the proximity to the nearby 1.2500 ceiling, a further recovery may prove difficult. A resumption of its downward trajectory would likely see buying interest renewed at the 1.2360 floor.

EUR/USD: Piercing Line Pattern Awaiting Confirmation

EUR/USD Approaches 1.2500 Ceiling With A Piercing Line In Its Wake

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

The four hour timeframe reveals a lack of bearish reversal signals, which may open the prospect of further intraday gains for the Euro. However, given the context afforded by the daily, longer-term gains may prove more challenging.

EUR/USD: Bearish Reversal Signs Lacking In Intraday Trade

EUR/USD Approaches 1.2500 Ceiling With A Piercing Line In Its Wake

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @DaviddeFe

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