- EUR/USD's weekly chart candlestick pattern shows uptrend fatigue.
- The previous week's low is the level to defend for the bulls.
EUR/USD's two weeks of indecisive price action may presage a short-term bearish reversal.
The pair formed a second consecutive Doji candle on the weekly chart during the five days to Sept. 18. A Doji is usually taken to represent indecision in the market place. However, in this case, the back-to-back Doji candles have appeared following a notable rally from 1.08 to 1.2011. As such, they are indicative of buyer exhaustion.
The lower highs on the weekly chart MACD histogram also suggest bull fatigue. Hence, a pullback may be seen in the short-term.
Acceptance under last week's low of 1.1737 would confirm a bullish-to-bearish trend change.
On the higher side, a daily close above 1.20 is needed to restore the bullish bias.
Daily chart
Trend: Buyer fatigue
Technical levels
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
Leave Your Message Now