The EUR/USD pair broke above a downtrend line during the session on Friday, but turn things back around and formed a shooting star. Because of this, we
The EUR/USD pair broke above a downtrend line during the session on Friday, but turn things back around and formed a shooting star. Because of this, we feel that the markets probably going to pull back to the 1.38 level, where it should find plenty of support. If it does in fact find support there, we would be buyers as it should show that the Euro is ready to break out overall. A break of the top of the shooting star is also a strong buy signal as it breaks resistance from the downtrend line from the channel that has been falling since the financial crisis began.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
