Forex Strategy: EUR/USD Shooting Star Prefers Shorts
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- 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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