The EUR/USD pair tried to rally during the Monday session, but failed to overcome the 1.32 level. This candle ended up being a shooting star, which of course signals that the bulls may be running out of steam. The market has been strong as of late, so a little bit of a pullback is probably warranted. We still think that ultimately there is a downtrend line on the weekly chart that could cause a lot of trouble for the buyers, and as a result any bullishness from here will be short-lived. However, we do not like this shooting star as a sell signal per se, just that shows that the market will more than likely chop around in the short run.
Written by FX Empire