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EURO Pin Bar + LH. Possible Trend Change? Dec. 20th

Gaining over 400 pips in the last 10+ days, the Euro has been consistently trending...until now that is. On the 4hr intraday charts, the Euro formed a LH (Lower High) and pin bar combo in the process.

This LH will likely be a rejection area for intraday bears who smell weakness on any corrective price action pullbacks. Downside support for bulls is parked at the 1.3186 role reversal level, so plays on both sides here. A break above 1.3300 targets 1.3384 and 1.3487 while a downside break of 1.3186 quickly puts 1.3130 and 1.3033 in focus.

pin bar forex price action role reversal level dec 20th

Upcoming Economic Announcements:

GBP GfK Consumer Confidence Survey 19.00EST
NZD Credit Card Spending (YoY) 21.00EST
GBP Gross Domestic Product (YoY) 04.30EST
CAD Gross Domestic Product (YoY) 08.30EST
USD Personal Consumption Expenditure Core (YoY) 08.30EST
USD U. of Michigan Confidence 09.55EST

Take a look at a 200+ pip trade on the EURUSD recent ramp-a-thon from one of my students using our ichimoku systems.