Pin Bar and Bearish Engulfing on EUR/USD

Pin Bar and Bearish Engulfing on EUR/USD

The Price Action method signals a possible correction of the EUR/USD currency pair after significant growth over the past week. Near the round level of 1.24000, a number of classic patterns, "Pin Bar" and "Bearish Engulfing", (H1 timeframe) have been formed, which currently act as reversal formations. Local support is the level of 1.23750. We recommend you to pay attention to this situation.

If the price fixes below the support level of 1.23750, you need to look for entry points in the market to open short positions. The closest target for fixing profits is the mark 1.23450. The target movement level is 1.23150-1.23000. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.04.17

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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