Forex Trade Setups Commentary: EURUSD and GBPUSD Pin Bar Reversals, 20th December 2012

EURUSD – Euro/dollar pin bar reversal signal

The EURUSD pushed higher early in today’s session but pared all gains into the New York close and formed a bearish pin bar reversalsetup in the process. We could see this market rotate down from today’s pin bar into support before the uptrend resumes again. Key near-term support is seen down near 1.3125, but if this market starts falling aggressively we could see it make a deeper move to the downside. Keep in mind that even though today’s pin bar is a solid looking sell signal it’s still counter trend, so be aware that counter-trend trading is inherently riskier and should only be tried by experienced traders. If this market does move lower and into the support zone marked on the chart below we could watch for price action buy signals to rejoin the uptrend.

Forex Trading Commentary by Nial Fuller 

EUR/USD Forecast December 20, 2012, Technical Analysis

The EUR/USD pair shot straight up during most of the session on Wednesday, but ran into far too much trouble as the 1.33 level in order to keep going higher. With the headline risks out there currently, it is not surprising that some chatter out of Washington DC put fear back into the marketplace, and therefore people selling this pair. With this being the case, we formed a massive shooting star, and it appears that we are going to pullback. However, we have broken out above the 1.3150 resistance level, and suggest that it will more than likely find support either at that level or just below it. Because of this, we do not feel that this is a sellable that even though the candle looks so good for the sellers.

EUR/USD Forecast December 20, 2012, Technical Analysis

Credit : FX Empire Analyst - Christopher Lewis