Free Trial

Shooting Star Candle A Warning To Bulls

EURO-DOLLAR TECHS
  • RES 4: 1.2103 76.4% retracement of the 2018 - 2020 downtrend
  • RES 3: 1.2084 High May 1, 2018
  • RES 2: 1.2032 High May 2, 2018
  • RES 1: 1.2011 High Sep 1, 2020
  • PRICE: 1.1909 @ 05:36 BST Sep 2
  • SUP 1: 1.1884 Low Aug 31
  • SUP 2: 1.1819 20-day EMA
  • SUP 3: 1.1754 Low Aug 21 and the bear trigger
  • SUP 4: 1.1711 Low Aug 12 and a key support

EURUSD extended its recent rally yesterday above 1.2000 to print a high of 1.2011. While this cements the resumption of the uptrend that has been in place since reversing direction in March, a sell-off yesterday also resulted in a close near session lows and confirmed a "shooting star" candle pattern. This is a bearish development and a potential warning to bulls. For now, the trend remains up with the focus on 1.2032/84. Watch support at 1.1754.

To read the full story

Close

Why MNI

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.