EUR/USD Climbs Over 1.2500 Hurdle Amid Void Of Bearish Patterns
- Strategy: Flat
- Breaks Above 1.2500 Handle Amid Absence of Reversal Formations
- Void of Bearish Signals On H4 Casts Doubt On An Intraday Correction
EUR/USD has cleared the 1.2500 hurdle following a suspenseful tug-of-war between the 1.2360 and 1.2500 trading band. An absence of bearish reversal signals may open the prospect of a push towards former support-turned-resistance at 1.2620. Yet in the context of a medium-term downtrend the region may cap further gains and prompt a revisit of the 1.2500 floor.
EUR/USD: Rises Above 1.2500 Amid Absence of Bearish Patterns
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart has posted a Bullish Engulfing formation which has thus far been met with a muted response from traders. Yet with bearish reversal patterns lacking the prospect of a pullback over the session ahead is questionable.
EUR/USD: Bullish Engulfing Formation Sees Lackluster Response
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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