Pin Bar on EUR/USD

Pin Bar on EUR/USD

On the EUR/USD currency pair there is a pronounced upward movement for quite a long time. Nevertheless, in the near future, a technical correction may develop. Near the key level of 1.20500, a classic reversal pattern of the Price Action "Pin Bar" (D1 timeframe) was formed. We recommend you to pay attention to this situation.

If the price fixes below the local support of 1.19100, it is necessary to consider selling EUR/USD. The immediate goal for fixing profits is the "mirror" support level of 1.18500. In the medium term, the currency may reach the level of 1.18000-1.17000. Confirmations and entry points to the market should be looked for on the lower timeframes. When tracking the position, we recommend using a trailing stop.

by JustMarkets, 2017.08.30

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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