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EURUSD – Euro/dollar pulls back to downside, but uptrend intact
The EURUSD pulled back to the downside late last week, however, the upward trend is still intact and as a result we are still looking to buy this market. Notice the bullish pin bar signal that formed on May 30th, marked on the chart below, this was a signal we discussed extensively in our members’ trade setups newsletter the day it formed and this signal is still in play. This week, we can still look to buy this pair while price is above 1.1100 support, which is also the low of the aforementioned pin bar signal.
GBPUSD – Sterling/dollar rotates lower but remains above key support
Last Friday, we saw the GBPUSD sell-off in the wake of the UK election. However, this pair has been trending higher and as of now we are viewing the current pullback as simply a retracement within that overall uptrend. Key support to watch for this week is down near 1.2550 – 1.2570 and whilst prices are above that area we are looking to be buyers on a clear price action buy signal. A close under 1.2550 would begin to paint a weaker or more bearish picture for this pair however.
Gold – Gold pulling back toward support but trend still up
Following a strong run higher in recent weeks, Gold rotated lower over the last three days of last week. Price is retracing lower within the uptrend, so we are looking for buying opportunities. We can watch for buy signals this week near 1245.00 support, or on a clear price action signal on the daily chart time frame.
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.