EUR/USD Resumes Descent As Bullish Pattern Fails To Find Confirmation
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Talking Points
- EUR/USD Technical Strategy: Shorts Preferred
- Bullish Engulfing Pattern Fails To Find Confirmation
- Break Of Nearby Support To Open 1.3100 Target
EUR/USD has failed to sustain a recovery which has left a key reversal pattern lacking confirmation and suggests the pair’s descent may resume. Given the proximity to nearby buying support at1.3320 new shorts may be better served on a downside break. This would set the stage for a push to the September 2013 lows near 1.3100.
EUR/USD: Bullish Engulfing Formation Fails To Find Follow-Through
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Drilling down to the four hour chart; the Harami pattern offered an early indication of a potential correction in recent trade. With bullish reversal candlesticks lacking the spotlight remains on the 1.3340 floor.
EUR/USD: 1.3340 In Focus Following Harami Formation
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Market Analyst, DailyFX
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