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EURUSD – Euro/dollar pin bar reversal may lead to another leg higher
The EURUSD has been trending higher since mid-April and over the last week we have seen it pull back to support between the 8 and 21 daily chart exponential moving averages (a dynamic value / support area). Notice on the daily chart below, a pin bar reversal buy signal formed today as buyers came back into the market following the brief pull back that took place over the last six days. If price can hold above the low of today’s pin (1.1108 area) we could easily see prices push higher and resume their upward track from here. However, a close below 1.1108 would likely lead to a deeper downside pull back.
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