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Forex Strategy: EUR/USD Grinds Higher In The Wake Of A Morning Star Pattern

Forex Strategy: EUR/USD Grinds Higher In The Wake Of A Morning Star Pattern

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Sidelines Preferred
  • Rise Continues Following Morning Star Pattern
  • Harami Formation On H4 Awaiting Confirmation

EUR/USDhas continued its cautious creep higher after the rise of a Morning Star near 1.2620. The bullish reversal signal has received confirmation from a successive up-day, which may herald a retest of 1.2755. Yet amid the ‘messy’ price action that has plagued the pair over recent weeks the potential for further upside follow-through may be limited.

EUR/USD: Retest Of 1.2755 On The Cards After Morning Star Emergence

Forex Strategy: EUR/USD Grinds Higher In The Wake Of A Morning Star Pattern

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

A Harami pattern on the four hour chart should be closely monitored as a potential early reversal signal. The candlestick pattern awaits validation from a successive down-period. This could act as a precursor to a pullback towards the 1.2605 floor.

EUR/USD: Harami On The Radar In Intraday Trade

Forex Strategy: EUR/USD Grinds Higher In The Wake Of A Morning Star Pattern

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

By David de Ferranti, Currency Analyst, DailyFX

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