- EUR/USD Technical Strategy: Shorts Preferred
- Doji Indicates Fading Downside Momentum
- Spotlight Remains On The 1.3100 Floor
EUR/USD’s descent has stalled as a Doji formation on the daily suggests hesitation from the bears to lead the pair lower. However, in the absence of a classic reversal formation the Euro is lacking the cues needed to suggest a more sustained recovery. This leaves the risks skewed to the downside and keeps the spotlight on the 1.3100 floor.
EUR/USD: Bears Hesitate As Doji Emerges On The Daily
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
An examination of the four hour chart reveals some intraday buying interest at the 1.3185 barrier. Hints at an intraday recovery have emerged in the form of a Hammer formation near the support level. However, further upside potential may be limited by sellers sitting at the 1.3240 barrier.
EUR/USD: Hammer Hinting At Intraday Recovery
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.
Investing NewsChina’s forex reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan
ForexAmid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
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.