- EUR/USD Technical Strategy: Sidelines Preferred
- Recovery continues post Doji on the daily
- Correction doubtful in absence of reversal patterns
EUR/USD has staged a continued recovery following a Doji formation on the daily near support at 1.3590. With an absence of bearish reversal patterns the potential for a correction is questionable. Sellers will likely look to keep the pair capped below the psychologically-significant 1.3700 handle.
EUR/USD: Traders Targeting 1.3700 With Bearish Signals Missing
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Intraday price action on the four hour chart reveals some signs of hesitation from traders signaled by a Doji candlestick near 1.3638. However, similarly to the daily, we are yet to see a key reversal pattern emerge.
EUR/USD: Doji Highlights Hesitation In Intraday Trade
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Market Analyst, DailyFX
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