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EUR/USD Morning Star Confirmation To Hint At A Base

EUR/USD Morning Star Confirmation To Hint At A Base

2014-10-03 06:14:00
David de Ferranti, Currency Analyst
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Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Morning Star Pattern Awaits Confirmation Near 2014 Low
  • Shooting Star Suggested An Intraday Shift In Sentiment

EUR/USD’s recent rebound has yielded a Morning Star formation, which may hint at a recovery for the pair. However, the pattern requires a successive up-day in order to be validated and to suggest a base may have formed. This may prove a difficult feat given the sustained presence of a downtrend and the sellers likely sitting nearby at the 1.2700 handle.

Traders should note the upcoming US Non-Farm Payrolls report holds the potential to spark significant volatility which may negate technical signals offered.

EUR/USD: Morning Star Pattern Awaits Confirmation

EUR/USD Morning Star Confirmation To Hint At A Base

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

A Shooting Star formation in intraday trade has offered an early indication that the Euro bears are staging a return. Yet the ensuing short body candles do little to inspire confidence in a continued correction. Buying interest is likely to be renewed at the pair’s recent lows near 1.2570.

EUR/USD: Shooting Star Signifies Intraday Shift In Sentiment

EUR/USD Morning Star Confirmation To Hint At A Base

4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

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