EUR/USD Whipsaw Leaves A Reversal Pattern In Its Wake
- 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
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
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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