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Forex Strategy: EUR/USD Shooting Star Prefers Shorts

Forex Strategy: EUR/USD Shooting Star Prefers Shorts

2014-02-13 02:00:00
David de Ferranti, Currency Analyst
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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.

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

Daily Chart - Created Using FXCM Marketscope 2.0

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

Contact and follow David on Twitter: @Davidde

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