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EUR/USD Shooting Star Signals Slide To Continue

EUR/USD Shooting Star Signals Slide To Continue

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Shooting Star suggests potential for a pullback
  • Daily close below 1.3600 to open 1.3500 handle

EUR/USD has been quick to give back its recent gains, which has prompted the emergence of a Shooting Star candlestick. A daily close back below 1.3600 would signal enough conviction amongst traders to open the psychologically-significant 1.3500 level.

EUR/USD: Shooting Star Opens Further Declines

EUR/USD Shooting Star Signals Slide To Continue

Daily Chart - Created Using FXCM Marketscope 2.0

A Harami pattern on the four hour chart indicated the potential for a bounce in recent trading. However, given the signals provided the daily, the extent of a further recovery may be limited.

EUR/USD: Harami Signaled Intraday Bounce Ahead

EUR/USD Shooting Star Signals Slide To Continue

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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