It's not in the east, but it's always located north and is therefore useful for finding your way around the globe. This is because the Earth's axis points towards Polaris, making it appear stationary in the night sky.
Perhaps you're thinking of the Star of Bethlehem, which is a popular story in Christian tradition. However, this is a mythical star, not a real astronomical object.
So, while there isn't a single bright star in the east that guides travelers, the North Star plays a vital role in navigation.