Price has pulled back to the target support area of 110.50. If you watched my video earlier this week you will remember that I mentioned prudent traders will be watching for the current bull rally to exhaust and pull back to the critical support area. It is within this area that we will be watching for price action signal to get in the market long with the trend. Look for any large, high-quality signals such as the bullish pin bar, bullish engulfing bar, inside bar, 2 bar reversal or larger patters such as double bottoms, inverse head and shoulder or descending wedges. These are just a handful of the many types of candlestick signals and patterns we look for to get long during these small pullbacks in strong trending markets.
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