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Bearish Shooting Star Still In Play

  • RES 4: 1.2223 High Jan 13
  • RES 3: 1.2190 High Jan 22 and a key resistance
  • RES 2: 1.2169 High Feb 16
  • RES 1: 1.2110 High Feb 17
  • PRICE: 1.2043 @ 06:11 GMT Feb 18
  • SUP 1: 1.2023 Low Feb 17
  • SUP 2: 1.2020 Low Feb 8
  • SUP 3: 1.1952 Low Feb 5 and the bear trigger
  • SUP 4: 1.1945 23.6% retracement March - Jan rally

EURUSD traded lower yesterday having failed to hold onto Tuesday's high. The price pattern on Feb 16 is a bearish candle - a shooting star. Following yesterday's extension lower, scope is seen for a deeper pullback with the next support at 1.2020, Feb 8 low. A break of this level would expose key support at 1.1952, Feb 5 low. Gains above yesterday's high of 1.2110 would refocus attention on key resistance at 1.2169, Tuesday's high.

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