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EUR/USD: Bullish Pin Bar Setup

Published 11/29/2012, 01:58 AM
Updated 05/14/2017, 06:45 AM
EUR/USD
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EUR/USD

As I wrote in my price action commentary yesterday, the EUR/USD formed a bearish engulfing bar, and the first level bulls can look to get long would be the 1.2888 level being a key intraday support level. That is exactly what happened as the pair bounced off this level (going only 9 pips below) and bouncing over 70 pips forming a bullish pin bar setup in the process, showing the bulls are willing to buy on dips. Bulls will likely challenge the 1.3000 level where some intraday bulls may look to short.
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