EURUSD’s Indecisiveness – Forex Chart Observation

August 3, 2013 in Chart Alert

In the previous chart alert we had mentioned that EUR/USD remains confused. In the same update we had also mentioned that a break over 1.3206 may bring some directional moves. Well, the break took place and the price action even touched 1.3325 briefly but the confusion still prevails. Even though the moves have been large but overall the price action remains in a sideways mode.

EUR/USD daily chart

EURUSD sideway moves

The above daily chart is clearly showing a lack of direction. Last week’s strong support and the subsequent upward jump indicates the possibilities of further gains but please note that the weekly candle of the last week was a Doji styled candle. This indicated a complete indecisiveness. A Doji candle after 3 weeks’ bullish candle shows that the market sentiments are mixed up about any further gains.

EUR/USD – The confusion prevails

EURUSD weekly Doji candle

Please do leave the comments in the comment box below to discuss the price action further.

You may also like to check EUR/USD’s weekly forecasts and the daily technical analysis of EUR/USD.

1 response to EURUSD’s Indecisiveness – Forex Chart Observation

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