EUR/USD – 1H – SELLThe currency pair Euro/US Dollar (EUR/USD) moves from the ascending trendline down.
A descending movement down to the next support line at 1.05318 will persist.
Caution: A possible counter-trend in the direction of the resistance level at 1.06297 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bearish Engulfing’ chart pattern is detected. The candles show ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.06628 |
| 2nd High | 1.06542 |
| Next High | 1.06297 |
| Current Price | 1.05699 |
| Next Low | 1.05318 |
| 2nd Low | 1.04721 |
| 3rd Low | 1.04604 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing