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Screenshot of a breaking news alert e-mail from Q2 2017
EURUSD – Euro/dollar uptrend continues
The EURUSD moved higher last week following a pin bar buy pattern (reversal signal) that formed on Tuesday following a modest pull back to support. The trend has been up in this market for several months now and we see no signs of it slowing down with key resistance not seen until up near 1.1500 – 1.1600 range. Traders who have not already bought can look for buy signals on any further rotations / pullbacks to the downside, followed by price action by signals.
GBPUSD – Sterling/dollar inside bars may lead to upside breakout
The GBPUSD formed an inside bar pattern last Thursday and Friday, this came on the heels off the pin bar that formed on Wednesday. These patterns have formed after a pull back to support near 1.2828 – 1.2755 and they are indicating that price could breakout to the upside here, in-line with the existing up trend. If price closes under 1.2755 it could lead to a larger decline but we remain bullish whilst above 1.2570 key support area.
S&P500 – S&P500 Index keeps hitting fresh highs
The S&P500 surged higher last week after the pin bar buy signal on Wednesday, which we discussed as a buying opportunity in our members’ commentary that day. Notice, price bounced at 2400.00 near-term support after a recent pull back down to it, showing that buyers are looking to buy at any opportunity. Hopefully, some of you got on board on the break of the pin high. Those not long already, can watch for pull backs to the downside to buy near support levels.
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.