EUR/USD Shooting Star Signals Slide To Continue
- 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.
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.
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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