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