DailyFX.com -
Talking Points
-
EUR/USD Technical Strategy: Pending Short
-
Medley of Dojis and Short Sessions Indicate Indecision
-
Awaiting Downside Break Amid Bearish Backdrop
EUR/USDis at a critical juncture as the pair threatens to break its narrow range that has been plagued by indecision by traders. Within the broader context of sustained downtrend a daily close below 1.2850 would favor new short positions with a target of 1.2755.
EUR/USD: Teases Traders Near Range-Bottom
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart tells a similar narrative as the daily. A Doji near the 1.2840/50 barrier suggests indecision from traders to lead the pair lower. Given the broader backdrop afforded by the daily awaiting a break below the nearby floor would be preferred for new short positions.
EUR/USD: Doji Highlights Hesitation Near Range-Bottom
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.