Pin Bar on EUR/USD

Pin Bar on EUR/USD

From the end of last month, the bearish sentiment has been prevailing on the EUR/USD currency pair. The Price Action method signals a further correction of the trading instrument. At the moment, near the "mirror" resistance level of 1.23000, the classic pattern of Pin Bar (H1 timeframe), which acts as a reversal formation, has been formed. The local support is the level of 1.22850. We recommend you to pay attention to this situation.

If the price fixes below 1.22850, you need to look for entry points to the market to open short positions. The closest target for fixing profits is the level of 1.22550. In the medium term, the EUR/USD currency pair may reach the round level of 1.22000. When following the positions, we recommend using a trailing stop.

by JustMarkets, 2018.04.04

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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