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EUR/USD Whipsaw Leaves A Reversal Pattern In Its Wake

EUR/USD Whipsaw Leaves A Reversal Pattern In Its Wake

2014-11-18 05:00:00
David de Ferranti, Currency Analyst
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Talking Points

  • Strategy: Short, Stop: 1.2500 (Daily Close), Target: 1.2360
  • Risk Returns To 1.2360 As Bearish Pattern Emerges
  • Doji On H4 Suggests Traders Lacking Inspiration

EUR/USD has slid below the 1.2500 handle once again, this time with a bearish reversal pattern in tow. Confirmation from a successive down-period alongside the medium-term downtrend would skew the risks lower for the pair. This puts the 1.2360 floor in focus.

EUR/USD: Rises Above 1.2500 Amid Absence of Bearish Patterns

EUR/USD Whipsaw Leaves A Reversal Pattern In Its Wake

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

The four hour chart suggests traders are yet to be inspired, given the sign of hesitation offered by a recent Doji formation. Yet with the 1.2490/1.2500 resistance region overhead the pair may remain under pressure over the session ahead.

EUR/USD: Doji Suggests Traders Uninspired In Intraday Trade

EUR/USD Whipsaw Leaves A Reversal Pattern 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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