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Talking Points
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EUR/USD Technical Strategy: Pending Short
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Bullish Candlestick Pattern Awaits Validation
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H4 Chart Reveals Lack Of Intraday Reversal Patterns
EUR/USD’s recent rebound has produced a Piercing Line pattern which awaits confirmation from a successive up-period to be confirmed. Given the presence of a short-term downtrend and the proximity to the nearby 1.2500 ceiling a further recovery may prove difficult. A resumption of its downward trajectory would likely see buying interest renewed at the 1.2360 floor.
EUR/USD: Piercing Line Pattern Awaiting Confirmation
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Daily Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
The four hour timeframe reveals a lack of bearish reversal signals which may open the prospect of further intraday gains for the Euro. However given the context afforded by the daily longer-term gains may prove more challenging.
EUR/USD: Bearish Reversal Signs Lacking 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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