Pin Bar and Bearish Engulfing on EUR/USD

Pin Bar and Bearish Engulfing on EUR/USD

Since the beginning of this month, the EUR/USD currency pair has formed the key offer zone of 1.20200-1.20800. A number of the classic patterns of Price Action, Pin Bar and Bearish Engulfing, (D1 timeframe) were formed near this zone. These formations indicate the development of the corrective movement. The nearest support is at the level of 1.18500. We recommend paying attention to this situation.

If the price fixes below 1.18500, it is necessary to consider sales of EUR/USD. The movement is tending to the round level of 1.17000. Confirmations and entry points to the market should be looked for on lower timeframes. When following a position, one should use a trailing stop.

by JustForex, 2017.09.25

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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