- EUR/USD Technical Strategy: Sidelines Preferred
- Harami paved the way for a retreat to 1.3590
- Bounce doubtful in absence of reversal patterns
EUR/USD has failed to break key support near 1.3590 after a Harami pattern led the currency lower over the last week. While buyers appear prepared to support the pair at current levels, reversal signals on the daily remain absent. This casts doubt over the potential for a recovery to resistance at 1.3700.
EUR/USD: Bounce Doubtful With Reversal Signals Absent
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Drilling down to the four hour chart; a Morning Star formation gave rise to an intraday bounce for EUR/USD. However several Doji candlesticks suggest hesitation from the bulls as the pair tests 1.3610, which makes a push higher appear questionable.
EUR/USD: Dojis Highlight Hesitation In Intraday Trade
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Market 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.
Forex FundamentalsAs the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
EconomicsOne particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.
Investing BasicsVirtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
Forex NewsWhen it comes to forex, some types of "fixes" are legal. But some really aren't.
- No results found.