FX.co ★ Daily EURUSD candlestick forms bullish pin reversal pattern.

EURUSD is trading above 1.13 after making a low at 1.1264 yesterday. Our target area of 1.13-1.12 has been achieved after breaking below 1.1535. This is the time to bounce as we mentioned in previous posts.

Yesterday's candlestick pattern was a bullish pin with a long lower tail and price closing right at the same level with the open. Price today is higher and this is a bullish combination, increasing the chances of an upward reversal and maybe a stronger bounce towards 1.1550. Bears need to be cautious as price could make a strong bounce from current levels. Yes price remains inside the bigger bearish channel, however trading near the lower channel boundary where support is found, could lead to a strong bounce towards the upper channel boundary.