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Talking Points
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Strategy:Short (From 1.2480) Stop: 1.2500 (Daily Close) Target 1: 1.2360 Target 2: 1.2250
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Retreat From 1.2500 Handle May Continue Amid Absence of Bullish Signals
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Testing Intraday Support With Reversal Candlestick Patterns Lacking
EUR/USD has retreated from the psychologically-significant 1.2500 handle after it was left with little fuel from bullish candlestick patterns. This opens the prospect of a drift towards the recent lows and leaves shorts preferred. An initial downside target is offered by 1.2360 which if broken would potentially open a run on the 1.2250 mark.
EUR/USD: Sellers Return At Psychologically-Significant Handle
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Daily Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
The four hour chart reveals some intraday buying interest at the 1.2450 mark. Yet with bullish reversal patterns lacking the prospect of a rebound over the session ahead is questionable.
EUR/USD: Bullish Reversal Patterns Lacking Near Intraday Support
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
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