- EUR/USD Technical Strategy: Sidelines Preferred
- Recovery continues post Doji on the daily
- Correction doubtful in absence of reversal patterns
EUR/USD has staged a continued recovery following a Doji formation on the daily near support at 1.3590. With an absence of bearish reversal patterns the potential for a correction is questionable. Sellers will likely look to keep the pair capped below the psychologically-significant 1.3700 handle.
EUR/USD: Traders Targeting 1.3700 With Bearish Signals Missing
Intraday price action on the four hour chart reveals some signs of hesitation from traders signaled by a Doji candlestick near 1.3638. However, similarly to the daily, we are yet to see a key reversal pattern emerge.
EUR/USD: Doji Highlights Hesitation In Intraday Trade
By David de Ferranti, Market 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.