Forex Strategy: EUR/USD Shooting Star Prefers Shorts
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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.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by David de Ferranti, Market Analyst, FXCM
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