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EUR/USD Technical Analysis – Hammer Candle Hints at Bounce

EUR/USD Technical Analysis – Hammer Candle Hints at Bounce

2014-05-16 03:22:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3673-90 (61.8% Fib exp., wedge floor), 1.3598 (76.4% Fib exp.)
  • Resistance: 1.3734 (50% Fib exp.), 1.3795 (38.2% Fib exp.)

The Euro may be gearing up for a corrective bounce against the US Dollar after prices produced a Hammer candlestick. A reversal above resistance at 1.3734, the 50% Fibonacci retracement, targets the 38.2% level at 1.3795. Support is now in the 1.3673-92 area, marked by the 61.8% Fibonacci retracement and the bottom of a rising wedge chart formation in play since late last year. A break downward on a daily closing basis initially exposes the 76.4% level at 1.3598.

A Hammer candle represents indecision rather than an actionable trade signal. We will continue to stand aside for now, waiting for any corrective upside move to offer a selling opportunity in line with our long-term fundamental outlook.

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EUR/USD Technical Analysis – Hammer Candle Hints at Bounce

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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