EUR/USD Downside Risks Remain With Bullish Signals Lacking
Topic: EUR/USD Downside Risks Remain With Bullish Signals Lacking
Strategy: Short, Stop: 1.2500 (Close), Target: 1.2270
Piercing Line Candlestick Pattern Denied Validation
Open To Intraday Declines Following Shooting Star
EUR/USDremains capped below the 1.2500 ceiling after a Piercing Line pattern was left lacking confirmation. Alongside the presence of a short-term downtrend the pair may be set to revisit the recent lows near 1.2360. Beneath which would put the August 2012 low at 1.2250 in sight. A close above 1.2500 would be required to negate a short-term bearish technical bias.