EURUSD – Euro/dollar moves lower from pin bar reversal
The EURUSD saw a dramatic shift into last week’s close as the pin bar signal that we discussed in Wednesday’s commentary saw price move lower. It’s worth noting that on Thursday price retraced to just above the 50% level of Wednesday’s pin bar, allowing for a 50% entry strategy to be used on this pin bar. This is one of the pin bar entry techniques discussed in my trading course and it allows for a tight stop loss placement and huge potential risk reward. Going forward, it looks like sellers have control of the market at this point and we could see this short-term bearish momentum continue this week. There’s a bearish pin bar on the weekly chart and the 4 hour formed pin bar sell signals late last week. Thus, if this market continues lower this week and can break down below near-term support at 1.3125 we could see a larger move lower. However, we need to keep an eye on the price action near 1.3125, if the market shows strength and rejection of lower prices near that level we might see the market resume it’s previous bullish momentum.
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