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EUR/USD Cracks Key Support As Candlesticks Warn Of Further Woes

EUR/USD Cracks Key Support As Candlesticks Warn Of Further Woes

2014-12-03 10:26:00
David de Ferranti, Currency Analyst
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Talking Points

  • Strategy:Short (From 1.2480), Stop: 1.2500 (Daily Close), Target 1: 1.2360, Target 2: 1.2250
  • Void Of Key Reversal Patterns Keeps The Risks Lower
  • Sellers Sitting Near Former Support Level At 1.2360/5

EUR/USD has achieved its first downside target with an absence of bullish signals opening the prospect of further declines. This in turn leaves shorts preferred with a daily close below the 1.2360 floor to cast the spotlight on the 1.2250 mark.

EUR/USD: Absence Of Bullish Signals Casts Risks Lower

EUR/USD Cracks Key Support As Candlesticks Warn Of Further Woes

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

The four hour chart paints a similar picture to the daily. A void of key reversal patterns suggests the potential for further weakness over the session ahead. Sellers are likely sitting overhead at former support-turned-resistance at 1.2365.

EUR/USD: Lacking Reversal Signals In Intraday Trade

EUR/USD Cracks Key Support As Candlesticks Warn Of Further Woes

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

By David de Ferranti, Currency Analyst, DailyFX

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