Free Trial

Monitoring A Bearish Shooting Star

  • RES 4: 1.2255 76.4% retracement of the Jan 6 - Feb 5 sell-off
  • RES 3: 1.2223 High Jan 13
  • RES 2: 1.2190 High Jan 22 and a key resistance
  • RES 1: 1.2169 High Feb 16
  • PRICE: 1.2093 @ 05:49 GMT Feb 17
  • SUP 1: 1.2082 Low Feb 12
  • 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 failed to hold onto yesterday's day's gains and retreated from the session high of 1.2169. Despite the pullback, a bullish theme remains intact. The Feb 5 price pattern, a bullish engulfing reversal, is still in play highlighting current conditions. A concern for bulls though is yesterday's bearish candle pattern - a shooting star. A deeper pullback would expose 1.2020, Feb 8 low. The bull trigger is 1.2169 where a break would negate the candle pattern.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.