Forex Strategy: EUR/USD Shooting Star Prefers Shorts

David de Ferranti

To receive David’s analysis directly via email, please SIGN UP HERE

Talking Points

  • EUR/USD Technical Strategy: Shorts preferred following Shooting Star confirmation
  • Potential target offered by yearly low near 1.3500 figure
  • Sellers emerged at the psychologically significant 1.3700 handle as suggested

As suggested in yesterday’s candlesticks report signs of weakness for the EUR/USD presented a selling opportunity. The Shooting Star formation on the daily chart is hinting at a potential reversal as buyers appear to have lost their grip on the pair. A potential target is offered by the 1.3500 handle, near the 2014 low and would likely prompt some buying support.

Confirm your chart-based trade setups with the Technical Analyzer.

Forex_Strategy_EURUSD_Shooting_Star_Prefers_Shorts_body_Picture_1.png, Forex Strategy: EUR/USD Shooting Star Prefers Shorts
Forex_Strategy_EURUSD_Shooting_Star_Prefers_Shorts_body_Picture_1.png, Forex Strategy: EUR/USD Shooting Star Prefers Shorts

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by David de Ferranti, Market Analyst, FXCM

Contact and follow David on Twitter: @Davidde

New to FX? START HERE

For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.