Search ForexCrunch
  • EUR/USD trades lower in Asia, as dollar gains on risk-off. 
  • Thursday’s bearish candlestick pattern favors a deeper decline.

EUR/USD is losing altitude in Friday’s Asian session, having formed a “Gravestone Doji” – bearish candlestick pattern – on Thursday. 

A Gravestone Doji on the daily chart occurs when the bulls fail to keep gains at session highs, and bears end up pushing prices back to the daily opening price. EUR/USD clocked a high of 1.2243 on Thursday but closed flat at 1.2167, implying bull fatigue and warning of an impending reversal lower. 

The pair is now trading near 1.2142, representing a 0.2% drop on the day. 

The immediate support is seen at 1.2109 (Wednesday’s low), which, if breached, would open the doors to 1.2023 (Feb. 17 low). On the higher side, a close above 1.2243 is needed to invalidate the bearish bias. 

Daily chart

Trend: Bearish

Technical levels

 

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.