EUR/USD Harami Pattern Offers Bulls A Sign Of Hope

By DailyFx | August 22, 2014 AAA

DailyFX.com -

Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Harami Candlestick Pattern Awaiting Confirmation
  • H4 Chart Offered Early Hint At A Recovery

The Euro bulls may have some hopes for a recovery following the emergence of a Harami pattern on the daily. However, the key reversal pattern awaits confirmation from a successive up period before suggesting a corrective bounce may be on the way. Further, against the backdrop of a prolonged downward trajectory a shift in sentiment may prove slow and difficult to sustain.

EUR/USD: Bullish Reversal Signal Awaiting Confirmation

EUR/USD Harami Pattern Offers Bulls A Sign Of Hope

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

An early indication of a bounce for EUR/USD was offered by a Bullish Engulfing formation on the four hour chart. An absence of bearish reversal patterns casts some doubt on the potential for a correction over the session ahead. However, sellers sitting at the psychologically-significant 1.3300 handle are likely to slow the pair’s ascent.

EUR/USD: Bullish Engulfing Pattern Yields Intraday Recovery

EUR/USD Harami Pattern Offers Bulls A Sign Of Hope

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.

comments powered by Disqus
Related Forex Analysis
  1. NZD/USD Rebounds After Piercing Line Pattern Offered Bullish Signal
    Forex News

    NZD/USD Rebounds After Piercing Line Pattern Offered Bullish Signal

  2. GBP/USD Recovery May Lack Fuel Amid Void Of Reversal Signals
    Forex News

    GBP/USD Recovery May Lack Fuel Amid Void Of Reversal Signals

  3. EUR/USD Descent Stalls As A Doji Candlestick Highlights Hesitation
    Forex News

    EUR/USD Descent Stalls As A Doji Candlestick Highlights Hesitation

  4. USD/JPY recovered from Asian lows at 108.55, but still under pressure
    Forex News

    USD/JPY recovered from Asian lows at 108.55, but still under pressure

  5. EUR/USD Sitting Still
    Investing

    EUR/USD Sitting Still

Trading Center