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EURUSD – Euro/dollar reversal signal may lead to uptrend continuation
The EURUSD uptrend has remained intact since mid-April and in recent days we have seen it pull back to the dynamic support between the 8 and 21 daily chart exponential moving averages (a value / support area). Below, on the daily chart, a pin bar reversal signal formed today as buyers came back into the market after the rotation lower that took place over the last six days. If price can remain above the low of today’s pin bar (1.1108 area) we could see prices move higher and continue the uptrend from here. A close below 1.1108 would likely lead to a deeper move to the downside.
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder and CEO of Learn To Trade The Market, the world’s foremost trading education resource.