EUR/USD Charts Bearish Reference Candle

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the EURUSD. Last week Wednesday’s candle looks like a bearish reference candle (blue arrow). I.e. a candle that has lower highs on either side of it. Moreover, Friday’s candle closed below the low of the reference candle (green horizontal line). This gives weight to the bearish reference candle scenario. This is also supported by the RSI(9) which is under 50 and indicative of an underlying bearish scenario (blue rectangle).

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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