Dear Price Action Traders

The price action signals from the previous few sessions were really great. The EUR/CAD has already touched its second target- up more than 350 pips. If you are still in a position, I don’t see a reason to exit right now. The GBP/USD trade from last time is in a small profit- I don’t see a reason to exit this trade, as well. The price action signal from the Gold market has returned an awesome gain, as well- my entry was at 1186.

Today, I am looking at the EUR/USD. It looks like buyers are ready for more gains. The small retracement was quickly overturned by bullish optimism. Price found support at the previous support level at 1.1100. This level was a great place to enter in a long position from a price action point of view, as I go over in my trading course. On the other side, today’s candle is giving another long opportunity. There is a bullish-engulfing pattern that has formed on the daily timeframe. A great long entry for this price action signal is the level of 1.1225. My stop would be placed just under the nearest swing low at 1.1040. My first target is the level of 1.1500. Then, it really will come down to price action in order to decide whether to hold or cut the position.

Happy Trading,

Colibri Trader