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Talking Points
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EUR/USD Technical Strategy: Pending Short
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Bearish Engulfing Pattern Casts Risks Lower
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Key Reversal Signals Lacking In Intraday Trade
EUR/USD’s about face has left a Bearish Engulfing formation in its path. The key reversal candlestick may herald a revisit of the 1.2500 lows if confirmed by a successive down-session. A climb over the 1.2755 hurdle would be required to negate a bearish bias.
EUR/USD: Slide Below 1.2620 To Open 1.2500 With A Bearish Pattern In Tow
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Daily Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
The four hour chart reveals a void of bullish reversal signals which places a question mark over a corrective bounce. However given the proximity to intraday support a downside break would be preferred before adopting fresh short positioning.
EUR/USD: Lacking Bullish Signals In Intraday Trade
4 Hour Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
By David de Ferranti Currency Analyst DailyFX
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