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Daily Forex Trading Commentary - Sunday 18th May 2014

EUR/USD - Bullish Price Action Pin Bar From Key Support

The EUR/USD produced a bullish pin bar from key support on Thursday last week and dipped back to around the 50% retracement level in Friday's trading session. There has been a lot of selling in this market over the last week or so it is advisable to be cautious here. This setup is still very well defined and at a strong support level so has a good chance of success. If traders are able to monitor intra-day price movements it would be good to look for bullish confirmation on the 4-hour / 1-hour timeframe to give extra 'weight' to this setup.

(click to enlarge)EUR/USDClick to enlarge