6:26a GMT - It was one of those rare days when it was hard not to make money off of a pair. The EUR/USD cooperated beautifully with our signal from yesterday, dipping into support 3 times and each time rising for at least 50 pips. Even if you were more conservative on the day and waited for candlestick confirmation the pair gave us not 1, not 2 but 3 bullish hammers on the 16:00-18:00 GMT candlesticks to confirm the bullish reversal.

Today we look for more of the same (buying on dips) however I will be a bit more conservative today as the pair has been making some lower lows, lower lows recently which gives me concern that we could be facing a steeper retracement ahead. In favor of the bullish view, however, is the fact that the daily charts appear to show a bullish flagpole/consolidation pattern flag the past several days, signifying possibly more gains ahead.

Trading Idea: Today I will look for buying opportunities above 1.4930 with long targets at 1.4955, 1.4990 and 1.5015.

(click to enlarge)

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Forex Signals - EUR/USD Approaching Support is a post from: PipHut.com