Talking Points
- EUR/USD Technical Strategy: Shorts Preferred
- Bullish Candlestick Pattern Awaiting Confirmation
- Spotlight On 1.2755 Following Close Below 1.2850
EUR/USD remains at a critical juncture as it probes above former support-turned-resistance at 1.2850 with a Harami pattern in its wake. At this stage the bullish reversal formation awaits confirmation, which leaves the immediate risk skewed to the downside. A daily close back above the 1.2850 barrier would be required to negate a near-term bearish technical bias.
EUR/USD: Eyes 1.2755 Following Clearance Of Range-Bottom
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart tells a tale of indecision as the medley of short candles and Dojis continues. Buying interest appears to have been renewed in intraday trade at the 1.2820 mark. Yet within a void of key reversal signals a recovery over the session ahead is questionable.
EUR/USD: Intraday Recovery Questionable Amid Void of Bullish Patterns
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
original source
