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Shooting Star Candle Pattern

EURUSD TECHS
  • RES 4: 1.00774 High Jun 9
  • RES 3: 1.0736 2.382 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 2: 1.0668 2.236 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 1: 1.0595/0615 High Dec 5 / High Jun 27
  • PRICE: 1.0492 @ 15:38 GMT Dec 6
  • SUP 1: 1.0394 Low Dec 1
  • SUP 2: 1.0322/0291 Low Dec 1 / Low Nov 30
  • SUP 3: 1.0223 Low Nov 21
  • SUP 4: 1.0161 50-day EMA

EURUSD traded higher Monday but failed to hold on to its gains. The trend is up, however, Monday’s price action once again highlights a possible bearish threat. Monday is a shooting star candle pattern - a reversal signal. If correct, it suggests scope for a deeper short-term retracement that would open 1.0322, the 20-day EMA. Clearance of Monday’s high would cancel this threat and instead resume the uptrend and open 1.0615, the Jun 27 high.

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