(MENAFN- DailyFX) DailyFX.com - r>
Talking Points
-
Strategy:Short (From 1.2480) Stop: 1.2500 (Daily Close) Target 1: 1.2360 Target 2: 1.2250
-
Slow Grind Higher Encounters Pressure At 1.2500 Barrier
-
Awaiting Bearish Signals In Intraday Trade To Signal A Pullback
EUR/USD’s slow grind higher has endured yet a lack of key bullish reversal patterns makes a more sustained recovery questionable. Sellers may look to keep the pair capped below the psychologically-significant 1.2500 handle. This in turn suggests current levels may offer a fresh short opportunity. An initial downside target is offered by the 1.2360 floor which if broken would potentially open a run on the 1.2250 mark.
EUR/USD: Rebound May Struggle To Find Further Momentum
" style="text-align:justify">
Daily Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
The four hour chart already reveals signs of hesitation from the bulls in the form of a Doji candlestick near the 1.2500 handle. Yet with more definitive reversal signals absent the potential for a pullback is questionable.
EUR/USD: Doji Signals Reluctance From The Bulls Near 1.2500
4 Hour Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
By David de Ferranti Currency Analyst DailyFX
Follow David on Twitter: @DaviddeFe
To receive David’s analysis directly via email please sign up here.
" style="text-align:justify">
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
original source
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.