News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
More View more
Real Time News
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here:
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here:
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2021? Find out from @JohnKicklighter here:
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here:
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: #DailyFXGuides
  • Even more remarkable than the record high levels of leverage registered in US equities this past week was the attention it garnered. Paying attention to risk is a threat when markets are this high and the docket as dense as it is this week. My outlook:
Forex Strategy: EUR/USD Evening Star Warns Of Significant Correction

Forex Strategy: EUR/USD Evening Star Warns Of Significant Correction

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Shorts Preferred
  • Evening Star pattern on the weekly chart warns of declines but awaits confirmation
  • Intraday gains may be limited with Inverted Hammer seeing little follow-through

The emergence of a second Hanging Man candlestick formation on the daily suggests that EUR/USD may come under renewed selling pressure. The bearish reversal pattern is made more noteworthy by its appearance near former support-turned-resistance at 1.3832. Fresh declines for the pair are likely to be met by buying support near the 1.3765 mark.

EUR/USD: Bears Emerge Following Hanging Man

Forex-Strategy-EURUSD-Evening-Star-Warns-Of-Significant-Correction_body_Picture_3.png, Forex Strategy: EUR/USD Evening Star Warns Of Significant Correction

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; an InvertedHammer formation has warned of an intraday bounce for EUR/USD. However follow-through has been limited, which suggests the signal may have been overlooked by traders given noteworthy resistance at 1.3805 is hanging nearby.

EUR/USD: Inverted Hammer Sees Lackluster response

Forex-Strategy-EURUSD-Evening-Star-Warns-Of-Significant-Correction_body_Picture_2.png, Forex Strategy: EUR/USD Evening Star Warns Of Significant Correction

4 Hour Chart - Created Using FXCM Marketscope 2.0

Finally, taking a look at some broader context provided the weekly chart; the Evening Star formation that has emerged shy of the key 1.4000 is a notable warning signal of further declines ahead. Confirmation of the bearish reversal pattern would raise the likelihood of a correction towards the 1.3480 support level.

EUR/USD: Evening Star Awaits Confirmation

Forex-Strategy-EURUSD-Evening-Star-Warns-Of-Significant-Correction_body_Picture_1.png, Forex Strategy: EUR/USD Evening Star Warns Of Significant Correction

Weekly Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.