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EUR/USD Shooting Star Candlestick In Intraday Trade Warns of Correction

EUR/USD Shooting Star Candlestick In Intraday Trade Warns of Correction

2014-06-17 10:57:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Pending Short
  • Daily close below support at 1.3500 to open 1.3400
  • Absence of bullish signals casts doubt on potential bounce

The bulls appear unwilling to relinquish their grip on EUR/USD as the common currency holds above the 1.3500 handle. While several short body candles are suggestive of indecision amongst traders, they do little to suggest a more meaningful bounce at this stage. A daily close below support at 1.3500 would help signal conviction amongst the bears and open up the next psychologically-significant level at 1.3400.

EUR/USD: Signs of Indecision, Yet Too Soon To Suggest A Bounce

EUR/USD Shooting Star Candlestick In Intraday Trade Warns of Correction

Daily Chart - Created Using FXCM Marketscope 2.0

The pullback from 1.3585 in recent trading has resulted in a Shooting Star candlestick pattern on the 4 hour chart. The key reversal signal suggests the potential for a continued retreat, with buyers likely to emerge at the 1.3520 mark.

EUR/USD: Shooting Star Suggests Retreat To Continue

EUR/USD Shooting Star Candlestick In Intraday Trade Warns of Correction

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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