- 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
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