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Talking Points
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EUR/USD Technical Strategy: Sidelines Preferred
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Doji Does Little To Confirm Piercing Line Pattern
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Awaiting Cues On H4 Following Sideways Drift
EUR/USD’s recent Doji formation does little to inspire confidence in the reversal signal offered by a Piercing Line pattern. Alongside the sustained presence of a downtrend sellers sitting nearby at the 1.2700 handle a recovery may prove a difficult feat. Further the Euro’s path lower over recent months has been littered with reversal signals that have failed to generate much follow-through.
EUR/USD: Recovery Questionable Following Doji Formation
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Daily Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
The four hour chart has been plagued by choppy price action over the past 24 hours. This has left a void of cues from candlestick analysis and suggests awaiting a more constructive setup may be prudent.
EUR/USD: Intraday Drift Leaves Clearer Cues Desired
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
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