EUR/USD Struggles Sub 1.2500 With Cues From Candlesticks Desired
- Strategy: Short, Stop: 1.2500 (Close), Target: 1.2270
- Struggles Below Key Level With Candlestick Signals Lacking
- Doji In Intraday Trade Suggests Indecision From Traders
EUR/USDcontinues to keep traders in suspense sub the 1.2500 barrier with clear cues from candlesticks lacking. Yet in the context of a short-term downtrend the pair may be set to revisit the recent lows near 1.2360. Beneath which would put the August 2012 trough at 1.2250 in sight. A close above 1.2500 would be required to negate a short-term bearish technical bias.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart leaves us with few directional cues as a Dojiformation suggests indecision from traders. Further, with prices between two intraday barriers, a more constructive setup is left desired.
EUR/USD: Doji Suggests Indecision Between Two Intraday Barriers
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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