- EUR/USD Technical Strategy: Pending Short
- Doji Candlestick Indicates Indecision Near 1.3340
- Break Of Nearby Support To Open 1.3100 Target
The Euro continues to keep traders in suspense near the critical 1.3340 floor with several Dojis indicating deliberation amongst traders. At this stage key bullish reversal patterns remain missing which leaves the immediate risk to the downside. Given the proximity to nearby buying support new shorts may be better served on a downside break. This would set the stage for a push to the September 2013 lows near 1.3100.
EUR/USD: Dojis Highlights Hesitation At Critical Support
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
An examination of the four hour chart reveals the presence of a more defined range between 1.3340 and 1.3430. Turning points within the corridor have been marked by key candlestick reversal patterns. Based on the context afforded by the daily, shorts near the range-top would be preferred to trying to pick a bottom.
EUR/USD: Reversal Patterns Indicate Turning Points In Intraday Range
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Market Analyst, DailyFX
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